The newly sworn-in President of Nigeria, Bola Tinubu, said the era of fuel subsidy has ended.
He stated that the petrol subsidy was not provided for in the 2023 budget and was no longer warranted.
On Monday, Tinubu was sworn in as Nigeria’s 16th President and delivered his inaugural address in Eagle Square, saying, “The fuel subsidy is gone.”
Instead, Tinubu said his administration would invest in infrastructure and other sectors to develop the economy, adding that under his rule, a “unified exchange rate” would be ensured.
Additionally, he pledged to change the economy to spur expansion and increase the Gross Domestic Product through job creation.
According to the president, the interest rate is currently too high and will be reassessed.
In addition to promising one million jobs in the digital sector, he reassured investors that multiple taxations would be evaluated to draw new foreign direct and domestic investments.
The former governor of Lagos State also claimed to cleanse Nigeria of crime and terrorism.
“Security shall be the top priority of our administration,” he declared, promising to revamp security architecture, increase investment in security personnel, improve training, and equip security officers with better tools.
The new President promised to eradicate severe poverty, increase food production, ensure the inclusion of women and young people, and combat corruption.
