BREAKING: ‘Fuel Subsidy Is Gone’, –President Tinubu

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

He said 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 in his inaugural speech at the Eagle Square on Monday after he was sworn in as Nigeria’s 16th President.

His words: “We commend the decision of the outgoing administration in phasing out the petrol subsidy regime which has increasingly favoured the rich more than the poor. Subsidy can no longer justify its ever-increasing costs in the wake of drying resources.

“We shall instead re-channel the funds into better investment in public infrastructure, education, health care and jobs that will materially improve the lives of millions.”

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He promised a “unified exchange rate” and 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.

He also promised to remodel the economy to bring about growth as well as develop the Gross Domestic Product through job creation. The new President said he will end extreme poverty, make food more abundant, ensure inclusion for women and youths and discourage corruption.

He also spoke on revamping Nigeria’s economy by ensuring budgetary reforms and promised to make electricity more accessible by encouraging various state governments to participate in power generation.

He added that his government will review various multiple taxations.