Nigeria’s new President, Bola Tinubu says the era of subsidy payment on fuel has ended.
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,” Tinubu declared in his inaugural speech at Eagle Square on Monday after he was sworn in as Nigeria’s 16th President.
Tinubu said his government shall instead channel funds into infrastructure and other areas to strengthen the economy, adding that a “unified exchange rate” is guaranteed under his administration.
He also promised to remodel the economy to bring about growth as well as develop the Gross Domestic Product through job creation.
The President said the interest rate is currently too high and will be reviewed.