Nigeria’s newly sworn-in President, Bola Tinubu has declared that the era of subsidy payments on fuel is gone.
He reminded Nigerians in his inaugural speech at the Eagle Square, Abuja, FCT that the 2023 Budget made no provision for fuel subsidy and more so, subsidy payment is no longer justifiable.
“The fuel subsidy is gone,” Tinubu declared at Eagle Square on Monday after he was sworn in as Nigeria’s 16th President.
Tinubu said his government will instead channel funds into infrastructure and other areas to strengthen the economy, adding that a “unified exchange rate” is guaranteed under his administration.
He also promised to remodel the economy to bring about growth as well as develop the Gross Domestic Product through job creation.
The President said the interest is currently too high and will be reviewed.
He also assured investors that multiple taxation will be reviewed to attract investments, even as he promised one million jobs in the digital economy.
Tinubu also 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.
President Tinubu said he will end extreme poverty, make food more abundant by reintroducing commodity boards and ensuring minimum cost of certain crops. This, he said, would ensure inclusion for women and youths and discourage corruption.
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