The newly sworn-in President of Nigeria, Bola Tinubu, said the era of fuel subsidy has ended.
He stated that there was no provision for gasoline subsidies in the 2023 Budget and that they were also no longer warranted.
After being sworn in as Nigeria’s 16th President on Monday, Tinubu delivered his inaugural address in Eagle Square, saying, “The fuel subsidy is gone.”
Instead, Tinubu said, his administration will invest money in infrastructure and other sectors to develop the economy, adding that a “unified exchange rate” is ensured under his rule.
Additionally, he pledged to change the economy in order to spur expansion and increase the Gross Domestic Product through job creation.
The interest rate is currently too high, according to the president, and will be reassessed.
In addition to promising one million employment in the digital sector, he reassured investors that multiple taxations will be evaluated to draw new foreign direct investment and domestic investment.
The former governor of Lagos State also claimed to cleanse Nigeria of crime and terrorism.
“Security shall be top of our administration,” he declared, pledging to revamp security architecture, increase investment in security people, improve training, and equip security officers with better tools.
The new President promised to eradicate severe poverty, increase food production, ensure the inclusion of women and young people, and combat corruption.