Shehu, in a statement released on Monday, revealed that the decision to remove subsidies for the Nigerian Naira and Premium Motor Spirit (PMS), also known as petrol, had been planned but was postponed. This announcement comes four weeks after President Bola Tinubu assumed office on May 29, 2023, and announced the removal of petrol subsidy, leading to a significant increase in the price of petrol from N184 to over N500, causing economic hardships.

According to Shehu, the decision to remove subsidies for the Naira and PMS was put on hold due to the prevailing tensions in the country. He mentioned the Petroleum Industry Act as an example of a significant decision that was postponed for a more opportune time, as it was deemed inappropriate to add fuel to an already volatile situation.

The statement also raises the question of why it took the new Tinubu/Shettima presidency weeks to remove petrol subsidy when previous President Buhari had not done so for years. It points out other areas, such as the substantial electricity subsidy and the questionable fertilizer subsidy, which may require attention and scrutiny.