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 the 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.
He 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.
Furthermore, 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 will reform security architecture, invest more in security personnel, better training and provide better equipment for security personnel.
The new President said he will end extreme poverty, make food more abundant, ensure inclusion for women and youths and discourage corruption