President Bola Ahmed Tinubu has declared that fuel subsidy is now a thing of the past under his administration.
“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.
He said the 2023 Budget made no provision for fuel subsidy and more so, subsidy payment is no longer justifiable.
Tinubu said his government shall 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 rate is currently too high and will be reviewed.