We’ve Waived ₦3.3trn in Fuel Taxes, Duties — Tinubu

President Bola Tinubu has disclosed that the Federal Government has waived more than ₦3.3 trillion in fuel taxes and duties as part of measures to cushion Nigerians against rising petrol prices and the increasing cost of transportation.

The President made the disclosure on Sunday, October 11, while highlighting his administration’s efforts to reduce transportation costs through investments in compressed natural gas (CNG) and electric-powered public transportation.

Tinubu acknowledged the pressure that rising petrol prices continue to place on households and businesses, saying the government had introduced additional interventions to provide immediate relief while expanding access to alternative transportation.

“To cushion the impact, we have waived over ₦3.3 trillion in fuel taxes and duties,” the President stated.

He also disclosed that NNPC Retail would forgo its petrol retail profit margin for 30 days, with priority given to public transportation operators. The government is also working towards a ₦1,350-per-litre ceiling on wholesale petrol supply costs to reduce price volatility.

According to the President, these measures are intended to ease the immediate financial burden on Nigerians while the government continues to develop more affordable transportation options.

Tinubu cited examples of commuters reportedly benefiting from CNG-powered and electric transportation services. He said a passenger travelling from Masaka to Berger in the Federal Capital Territory now pays ₦500 instead of ₦1,500, while some commuters travelling between Enugu and Nsukka pay ₦1,600 instead of ₦4,000.

The President also highlighted the expansion of the National Affordable CNG Transportation Programme, which seeks to reduce operating costs for transport operators and make public transportation more affordable.

He disclosed that more than 400 certified vehicle-conversion centres had converted over 120,000 vehicles to CNG, while the government continued expanding refuelling infrastructure.

Tinubu further announced that Ekiti State had received 15 CNG buses and Lagos State 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.

The President acknowledged that more work remained to ensure that economic reforms translated into meaningful improvements in living standards for all Nigerians.

He reaffirmed his administration’s commitment to expanding affordable transportation and working with state governments to ensure that more communities benefit from the initiatives.

The announcement comes amid continuing public concern over petrol prices and the cost of living following the removal of the petrol subsidy in May 2023.