Nigeria’s newly inugurated President, Bola Tinubu says the era of subsidy payment on fuel has gone.
He made this statement in his inaugural speech at the eagles square on Monday.
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,” he said .
He said In a bid to strengthen the economy, his government will focus on investing in infrastructure and other key areas.
A unified exchange rate will also be introduced, under his administration.
Tinubu has pledged to remodel the economy with a view to creating jobs and promoting growth, which will lead to an increase in Gross Domestic Product.
Additionally, the current high interest rate will be reviewed.
In his address, the new President made a commitment to address the issue of multiple taxation which he acknowledged was discouraging both foreign and local investors.
He reassured investors that this problem will be reviewed in order to attract fresh foreign direct and local investments, while also promising to create one million jobs in the digital economy.
In addition, the former Lagos State governor pledged to eliminate terrorism and criminality in Nigeria.
He declared that his administration will prioritize security and undertake a comprehensive reform of the security architecture. This will involve investments in more security personnel, training and equipping them with better equipment.
Furthermore, the President stated his intent to fight poverty, increase food production, promote inclusivity for women and youths and stamp out corruption.
