President Bola Tinubu on Monday declared that the era of subsidy payment on fuel has ended.
Tinubu said this in his inaugural speech to Nigerians after he was sworn in as the 16th president of Nigeria at the Eagle Square Abuja.
According to him, the 2023 Budget made no provision for fuel subsidy and more so, subsidy payment is no longer justifiable.
“The fuel subsidy is gone,” Tinubu said.
He noted that his government shall instead channel funds into infrastructure and other areas to strengthen the economy.
He also promised that a “unified exchange rate” is guaranteed under his administration.
The new president also said the government will remodel the economy to bring about growth as well as develop the Gross Domestic Product through job creation.
He added that the interest rate is currently too high and will be reviewed.
Tinubu further assured investors that multiple taxation will be reviewed to attract fresh foreign direct and local investments, even as he promised one million jobs in the digital economy.
On security, the former Lagos Governor vowed to rid Nigeria of terrorism and criminality.
“Security shall be top of our administration,” he said, promising to reform security architecture.
Ending extreme poverty, making food more abundant, ensuring inclusion for women and youths and discouraging corruption are also the goals of his administration, he said.
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