‘Fuel subsidy is gone’, Tinubu declares

 

Nigeria’s new President, Bola Tinubu, on Monday, declared that the era of subsidy payment on fuel has ended.

The president also explained that the 2023 Budget made no provision for fuel subsidy, saying “More so, subsidy payment is no longer justifiable”.

“The fuel subsidy is gone,” Tinubu declared in his inaugural speech at Eagle Square after he was sworn in as the country’s 16th President

Tinubu added that his administration shall instead channel funds into infrastructure and other areas to strengthen the economy, assuring that a “unified exchange rate” is guaranteed under his administration.

The president promised to remodel the economy to bring about growth as well as develop the Gross Domestic Product through job creation, noting that the interest rate is currently too high and will be reviewed.

He assured investors that multiple taxation will be reviewed to attract fresh foreign direct and local investments, even as he promised one million jobs in the digital economy.

Furthermore, the former Lagos State governor vowed to rid Nigeria of terrorism and criminality.

“Security shall be top of our administration,” he said, adding that he will reform security architecture, invest more in security personnel, better training, and provide better equipment for security personnel.

Tinubu thereafter promised to end extreme poverty, make food more abundant, ensure inclusion for women and youths, and discourage corruption.