President Bola Ahmed Tinubu has revealed that the Federal Government relinquished over N3.3 trillion in fuel taxes and import duties as part of interventions designed to cushion the economic impact of fuel subsidy removal on citizens.
In a statement shared via his official social media channel, the President noted that the revenue waivers were introduced alongside other temporary market interventions to manage price volatility and lower energy overheads for public transport operators nationwide.
According to President Tinubu, state-backed energy distributor NNPC Retail is also relinquishing its commercial profit margin for a 30-day period, specifically prioritizing commercial transport providers. He added that the administration is targeting a N1,350-per-litre ceiling on wholesale petrol supply costs to stabilize retail pump rates.
The President emphasized that while economic reforms remain challenging, the government’s current priority centers on balancing immediate living-cost relief with sustainable long-term fiscal discipline to support broader economic recovery.
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