Nigeria’s newly inaugurated President, Bola Tinubu, has declared an end to the era of fuel subsidy payment in the country. During his inaugural speech at the Eagle Square on Monday, Tinubu emphasized that the 2023 Budget did not allocate any funds for fuel subsidy, and he stated that the payment of subsidies is no longer justifiable.
Tinubu made it clear that the fuel subsidy has been abolished, signaling a significant shift in the country’s energy policies. The decision to eliminate fuel subsidies is expected to have far-reaching implications for Nigeria’s economy and its citizens.
"Fuel subsidy is gone," Nigeria's president Bola Tinubu declares.#InaugurationDay#May29#CTVTweets pic.twitter.com/q4sNG9zwer
— Channels Television (@channelstv) May 29, 2023
In addition to addressing the issue of fuel subsidies, President Tinubu outlined other key priorities for his administration. He pledged to establish a unified exchange rate and expressed a firm commitment to combating terrorism and criminality in the country. Tinubu emphasized that ensuring security would be a top priority for his administration. He outlined plans to reform the security architecture, invest in security personnel, provide enhanced training, and equip security forces with better resources.
Furthermore, President Tinubu expressed his determination to revitalize the Nigerian economy and drive growth. He emphasized the need to create jobs, develop the Gross Domestic Product (GDP), alleviate extreme poverty, enhance food security, promote inclusion for women and youth, and combat corruption.
With these ambitious goals and policy priorities, President Tinubu aims to bring about significant changes and improvements in various aspects of Nigerian society. The nation will be closely watching as his administration takes on the challenges ahead and works towards fulfilling these promises.
