President Bola Tinubu has said the Federal Government has waived N3.3 trillion in fuel taxes and duties, in efforts to reduce the economic pressure on families and businesses.
The president disclosed this on Sunday in a series of posts on his X handle, while defending government’s response to rising petrol prices, saying the tax waiver would complement the Nigerian National Petroleum Company (NNPC) Retail’s decision to forgo its profit margin for 30 days to provide temporary relief.
Tinubu reaffirmed that the country’s economic reforms were beginning to yield results, citing lower transport costs, improved growth projections and increased resources available to federal and state governments.
He acknowledged, however, that the gains had yet to translate sufficiently into better living conditions for many Nigerians, promising to intensify efforts to reduce food prices, create jobs and expand access to essential services.
Tinubu said: “I also recognise the pressure rising petrol prices place on families and businesses.
“To cushion the impact, we have waived over N3.3 trillion in fuel taxes and duties.
“NNPC Retail is foregoing its profit margin for 30 days, prioritising public transport operators, while we work towards a N1,350-per-litre ceiling on wholesale petrol supply costs to reduce price volatility.”
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Tinubu highlighted the benefits of the government’s investment in compressed natural gas (CNG) and electric-powered transport.
He said testimonies from commuters and commercial transport operators showed that investments in CNG and electric-powered vehicles were beginning to reduce transportation costs in some parts of the country.
The President acknowledged that the benefits were not yet available to everyone, promising to expand the initiative through collaboration with state governments and private investors.
He acknowledged that the removal of petrol subsidy on May 29, 2023, had imposed difficulties on households but argued that the government had a responsibility to develop sustainable alternatives.
“When we removed the petrol subsidy, I knew the decision would bring difficulties for many households. With that decision came a responsibility to provide practical alternatives that would ease transportation costs,” he said.
Tinubu said Ekiti had received 15 CNG buses, Lagos 20, while Akwa Ibom had 50 buses ready for service.
Katsina had introduced 30 CNG hybrid buses and 200 electric tricycles, while Kano had received 30 CNG buses and five electric buses. Another deployment was scheduled for Edo State.
Ekiti State Governor Biodun Oyebanji inaugurated 15 CNG buses on October 1, announcing plans to reduce fares by 50 per cent on designated routes.
The President outlined measures intended to cushion the immediate impact of rising petrol prices on households and businesses.
He said the Federal Government was also working towards a proposed ceiling of N1,350 per litre on wholesale petrol supply costs to reduce price volatility.
The measures followed an announcement last Thursday by the Minister of Finance and Coordinating Minister of the Economy, Taiwo Oyedele, that NNPC Retail would temporarily sell petrol at cost price by absorbing its usual retail profit margin.
Oyedele said the arrangement did not amount to a restoration of petrol subsidy because the discount would be funded from the company’s commercial margins rather than direct payments from the Federation Account.
The government also announced plans to negotiate the proposed wholesale cost ceiling with refiners and importers, accelerate CNG adoption, strengthen domestic fuel supply arrangements and address road levies contributing to transportation and logistics costs.
Tinubu maintained that the combination of short-term relief and longer-term investment in alternative transportation would ease hardship without compromising fiscal sustainability.
“As President, I have a duty to provide relief today without compromising our children’s future,” he said.
“Every commitment must be sustainable and backed by a credible plan. That responsibility guides our decisions, including the difficult ones.”
In an apparent reference to economic promises being made ahead of the 2027 general election, the President challenged political actors to explain how their proposals would be funded and sustained.
“Anyone seeking to lead Nigeria should be prepared to explain what their promises will cost, how they will deliver them, and whether they can sustain them,” he said.
With more resources flowing to the states, Tinubu urged governors to demonstrate greater prudence and accountability by directing public spending towards projects that improve citizens’ welfare.
“I urge state governments to use their higher revenues more prudently and prioritise projects that improve the living standards of Nigerians, and the health and education of our people,” he said.
He promised to sustain the reform programme while intensifying interventions to ensure that improved economic indicators translated into tangible benefits.
The President said targeted cash transfers had already reached more than 10 million households, adding that the government would accelerate CNG deployment, raise agricultural productivity and improve access to affordable healthcare and quality education.
He also commended the Economic Management Team, led by Oyedele, governors and other stakeholders for their cooperation in implementing the reforms.
Tinubu expressed confidence that sustained implementation, fiscal discipline and collaboration among the three tiers of government would help move Nigeria from economic stabilisation to improved living standards.
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