The fuel subsidy removal was announced on Wednesday, May 11, 2016.
The government had hinted on Tuesday, May 10, that it would announce new policy on fuel subsidy today.
While preparing Nigerians for the hardship ahead, Vice President Yemi Osinbajo had said that the government would have to take tough decisions on the desirability of retaining fuel subsidies, adding that it had become necessary to remove them.
“No matter how we slice it, we are in economic times that are challenging, but they provide us with some of the best opportunities for making a real difference in our economic life.
“I think that we are at a point that a lot has been said about subsidies and what to do with subsidies. I think we are at a point where we must make many difficult decisions and make very tough choices.
“But I think the Nigerian people are prepared for all what is required and all it would take to make a real difference," Osinbajo, who spoke at the third Ogun State Investors’ Forum held in Abeokuta on Tuesday, said.