BREAKING: President Tinubu Announces Removal Of Fuel Subsidy (Video)

BREAKING: President Tinubu Announces Removal Of Fuel Subsidy (Video)

Nigeria’s new president, Bola Ahmed Tinubu, on the inauguration day, Monday, May 29, 2023, said the era of subsidy payment on fuel has ended.

Tinubu said the 2023 budget made no provision for fuel subsidy, and more so, subsidy payment is no longer justifiable.

“The fuel subsidy is gone,” Tinubu declared in his inaugural speech at Eagles Square on Monday after he was sworn in as Nigeria’s 16th President.

Watch the moment President Bola Tinubu said the fuel subsidy is gone below…

"Fuel subsidy is gone," Nigeria's president Bola Tinubu declares.#InaugurationDay#May29#CTVTweets pic.twitter.com/q4sNG9zwer

— Channels Television (@channelstv) May 29, 2023

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Tinubu said 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.

The president also promised to remodel the economy to bring about growth as well as develop the Gross Domestic Product through job creation. He said the interest rate is currently too high and will be reviewed.

President Tinubu 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 further, the former Lagos State governor vowed to rid Nigeria of terrorism and criminality.

“Security shall be top of our administration,” he said, adding that he would reform security architecture, invest more in security personnel, better training, and provide better equipment for security personnel.

The new Nigerian President said he would end extreme poverty, make food more abundant, ensure inclusion for women and youths, and discourage corruption.