President Bola Ahmed Tinubu has declared an end to the payment of subsidies on fuel.
Tinubu announced this on Monday while delivering his inaugural speech after being sworn in as Nigeria’s 16th President at the Eagle Square in Abuja, noting that the 2023 Budget made no provision for fuel subsidy and more so, subsidy payment is no longer justifiable.
While declaring that “The fuel subsidy is gone”, the president stated that his government would rather, “channel funds into infrastructure and other areas to strengthen the economy,” adding that a “unified exchange rate” is guaranteed under his administration.
He further assured Nigerians that he would remodel the economy to bring about growth as well as develop the Gross Domestic Product through job creation.
The president noted that the interest rate is currently too high and will be reviewed.
He also 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.
Speaking on the security challenges across the country, the former Lagos State governor vowed to rid Nigeria of terrorism and criminality.
President Tinubu stated that “Security shall be at the top of our administration,” adding that he will reform security architecture, invest more in security personnel, better training and provide better equipment for security personnel.
He also assured that he will “end extreme poverty, make food more abundant, ensure inclusion for women and youths and discourage corruption.”