Nigeria’s new President, Bola Tinubu, has declared that the era of fuel subsidy payments is over.
He claimed that the 2023 Budget had no provision for fuel subsidies and that such payments are no longer justifiable.
“The fuel subsidy is gone,” Tinubu stated after being sworn in as Nigeria’s 16th President on Monday at Eagle Square.
Tinubu stated that his administration will instead divert cash into infrastructure and other sectors to develop the economy, and that a “unified exchange rate” is guaranteed.
He also promised to restructure the economy in order to spur growth and increase GDP through job creation.
The President stated that the present interest rate is too high and will be examined.
He promised investors that numerous taxation would be evaluated in order to attract new foreign direct and domestic investments, while also promising one million employment in the digital sector.
Furthermore, the former governor of Lagos State swore to cleanse Nigeria of terrorism and criminality.
“Security shall be at the top of our administration,” he stated, adding that he will overhaul security architecture, invest more in security staff, provide better training, and better equipment for security officers.
The incoming President has stated that he will reduce extreme poverty, increase food availability, encourage women and youth inclusion, and discourage corruption.