A few hours after he was sworn in, Nigeria’s new President, Bola Tinubu on Monday said the era of subsidy payment on fuel has ended.
Tinubu who is Nigeria’s 16th President, said that the 2023 Budget made no provision for fuel subsidy and more so, subsidy payment was no longer justifiable.
“The fuel subsidy is gone,” he said in his inaugural speech at the Eagle Square.
Tinubu said his government shall instead channel funds into infrastructure and other areas to strengthen the economy, adding that a “unified exchange rate” his 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.
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.
The new President said he will end extreme poverty, make food more abundant, ensure inclusion for women and youths and discourage corruption.
