The General Services Administration (GSA), the federal agency responsible for managing government-owned buildings and vehicle contracts, is set to shut down all its electric vehicle (EV) chargers nationwide, calling them “not mission critical.”

According to The Verge, the agency is also moving to offload thousands of newly purchased EVs, effectively dismantling the Biden administration’s efforts to transition the federal fleet away from fossil fuels.

The move, which aligns with President Donald Trump’s anti-EV policies, is expected to significantly impact the adoption of EVs in the United States. Moreover, the decision is poised to deal a severe blow to Tesla’s growth, with CEO Elon Musk—one of Trump’s high-profile cheerleaders—ironically standing to lose billions as a result.

According to an internal email viewed by The Verge, GSA regional offices have already begun deactivating EV chargers, with full shutdown orders expected next week.

“As GSA has worked to align with the current administration, we have received direction that all GSA-owned charging stations are not mission critical,” the email states.

The agency is also canceling network contracts that keep the 8,000 EV chargers across government buildings operational. Once these contracts are terminated, the stations will be shut down at the breaker, rendering them inoperable.

“Neither Government Owned Vehicles nor Privately Owned Vehicles will be able to charge at these charging stations once they’re out of service,” the email concludes.

The shutdown has already started in Denver, where federal employees were notified that chargers at four government-owned buildings would be turned off next week. Colorado Public Radio was the first to report this development.

In addition to shutting down chargers, the GSA will offload thousands of EVs purchased under the Biden administration. However, it remains unclear whether these vehicles will be sold at auction, transferred to state or local governments, or left in storage. If the government opts for the auction route, the sudden influx of EVs into the used car market could hurt resale values and further dampen demand.

Under former President Joe Biden’s clean energy agenda, the federal government had planned to transition more than half of its 650,000-vehicle fleet to EVs. As part of this push, the GSA ordered over 58,000 electric vehicles and began installing more than 25,000 new charging ports. Now, with the GSA dismantling its EV infrastructure, the entire initiative faces collapse—raising questions about what will happen to agencies that had already begun transitioning to electric fleets.

A Massive Setback for EV Adoption in the U.S.

The decision to phase out federal EV infrastructure is expected to significantly slow down EV adoption across the country. The federal government is one of the largest vehicle buyers in the U.S., and its support for EVs was meant to accelerate the transition away from fossil fuels. Without government backing, the EV industry will likely face declining demand, reduced incentives for states and private entities to invest in charging networks, and a broader setback for the U.S. transition to cleaner transportation.

The Irony of Musk’s Close Ties to Trump in The Face of All These

One of the biggest unexpected casualties of this policy shift is Tesla and its CEO, Elon Musk.

Musk has been an outspoken supporter of Trump’s administration, frequently defending the president’s policies and publicly criticizing the Biden administration for its support of unionized automakers over Tesla. However, with Trump now actively dismantling federal EV policies, Musk’s business empire is set to take a hit.

Musk’s net worth, which is largely tied to Tesla’s stock price, could take a significant downturn. Government EV demand was an important source of institutional purchases for Tesla, and without it, revenue streams would shrink. Slower EV adoption, fueled by the lack of government support, may weaken Tesla’s growth trajectory. If investors perceive Trump’s rollback of EV policies as a long-term shift, they may reduce exposure to EV stocks, leading to a decline in Tesla’s valuation.

Tesla’s stock has already faced volatility in recent months, largely due to concerns over slowing EV demand, rising competition from legacy automakers, and production issues at its factories. With Trump now actively rolling back EV initiatives, Tesla’s long-term growth projections may be further strained. Analysts predict that if Tesla’s growth slows down, Musk’s net worth could take a multi-billion-dollar hit—a bitter irony for the world’s richest man who has aligned himself with Trump’s policies.

Trump’s Broader Anti-EV Agenda

The GSA’s EV charger shutdown is just one of many anti-EV moves by Trump’s administration. Since taking office, Trump has halted a $5 billion program to build public EV charging stations nationwide, rescinded Biden’s executive order requiring federal agencies to switch to EVs, signaled plans to eliminate EV tax credits, and dismantled EPA regulations that were designed to push automakers toward EV production.

With the federal government turning away from EVs, state and private sector efforts will now have to fill the gap—an uphill battle that could slow down the entire transition to electric vehicles.

A Step Backward for Climate Policy

The environmental impact of this decision is significant. The transportation sector accounts for 28% of U.S. greenhouse gas emissions, and federal support for EVs was seen as a crucial step toward reducing the nation’s carbon footprint. With the GSA dismantling its EV program, many believe that Trump is prioritizing fossil fuels over long-term sustainability, potentially setting back U.S. climate goals by decades.

With the federal government pulling out of the EV space, the fate of America’s EV transition now lies with state governments and private companies. States like California and New York may continue investing in public EV infrastructure, but without federal support, scaling these initiatives will be more difficult.

Meanwhile, Musk and Tesla may now face increased pressure from investors as the long-term growth outlook for EVs becomes less certain.

The Nigerian government has spent approximately $8 billion in an attempt to stabilize the naira amid ongoing economic turmoil, according to Bismarck Rewane, CEO of Financial Derivatives Company.

Speaking on Channels Television’s News at 10 on Friday, Rewane highlighted the substantial interventions made to manage the country’s currency fluctuations and combat inflationary pressures.

His remarks follow the Monetary Policy Committee (MPC) meeting of the Central Bank of Nigeria (CBN) on Thursday, where the committee maintained the Monetary Policy Rate (MPR) at 27.50%.

Rewane explained that beyond direct interventions, the government has also resorted to external borrowing to further prop up the naira.

“We’ve also borrowed $4 billion in bond issues. When you take a look at that, you’ll see there is a lot of work. We’ve actually spent almost $8 billion trying to support the naira at current levels,” he said.

Despite this massive expenditure, the naira remains under intense pressure, with inflation and forex volatility persisting, raising concerns about the effectiveness and sustainability of the government’s interventions.

The Problem with Inflation Data Rebasing

Rewane also addressed the recent rebasing of Nigeria’s inflation data, a move that has sparked widespread skepticism. He outlined three different methods of calculating inflation, each yielding significantly different figures:

• Old Method: Inflation stands at 34.8%
• New Method (Rebased Data): Inflation drops to 24.4%
• Market Survey (Real Inflation): Inflation is closer to 33%

Expressing doubts over the sharp drop in inflation figures based on the rebased method, Rewane argued that the figures do not reflect the economic realities of ordinary Nigerians.

“There’s no way that inflation can reduce by 10% in a short period. The man on the street does not believe that inflation has come down as sharply as that,” he stated.

The National Bureau of Statistics (NBS) recently revised its Consumer Price Index (CPI) methodology, adjusting the weight of key commodities in inflation calculations. However, many analysts argue that this does not change the fact that prices of food, fuel, and essential goods continue to rise.

The revelation that the current administration has spent $8 billion defending the naira comes months after President Bola Tinubu’s administration criticized the past government for reportedly spending $1.5 billion monthly to defend the naira while maintaining an artificially low exchange rate.

Under Buhari, Nigeria’s central bank kept the exchange rate at around N400/$1, compared to the over N1,400/$1 rate seen under Tinubu. Buhari’s government also maintained inflation at a lower rate, prompting comparisons between the effectiveness of both administrations’ FX policies.

However, the Buhari-era strategy involved strict foreign exchange controls, multiple exchange rates, and restrictions on forex access, policies that the Tinubu administration has since reversed in favor of a market-driven exchange rate system. This shift, though designed to attract investment and increase dollar liquidity, resulted in sharp currency depreciation and rising inflation.

CBN Governor Expresses Optimism

The CBN Governor, Olayemi Cardoso, remains optimistic about Nigeria’s economic trajectory, citing recent macroeconomic trends as indicators of potential stability.

“At this meeting, the Monetary Policy Committee noted with satisfaction, recent macroeconomic developments which are expected to positively impact the price dynamics in the near to medium term.

“These include the stability in the foreign exchange market with the resultant appreciation of the exchange rate and the moderation in the price of PMS,” Cardoso said.

But he admitted that inflationary pressures persist, particularly due to rising food costs, and that the rebasing of inflation metrics would take time to reflect in daily life.

What This Means for Nigerians

For everyday Nigerians, the economic landscape remains deeply challenging, as the high cost of living continues to erode purchasing power. While the CBN and government officials project optimism, many remain unconvinced, given the sharp depreciation of the naira and the skyrocketing cost of goods and services.

Furthermore, the revelation that $8 billion has already been spent on defending the currency, even though the FX market was floated, has sparked concerns over the true value of the naira. There is concern that Tinubu’s administration could end up spending even more than Buhari and yet the naira will not perform better.