The era of fuel subsidies in Nigeria, according to President Bola Tinubu, is over.
As the 16th President of Nigeria, Tinubu made the claim during his inaugural speech.
He also hinted at the reversal of the naira redesigning policy of the previous government.
He also said that his team would reveal the main element of his administration’s economic policy.
His words: “We commend the decision of the outgoing administration in phasing out the petrol subsidy regime which has increasingly favoured the rich more than the poor. Subsidy can no longer justify its ever-increasing costs in the wake of drying resources.
“We shall instead re-channel the funds into better investment in public infrastructure, education, health care and jobs that will materially improve the lives of millions.”
“Whatever merits it had in concept, the currency swap was too harshly applied by the CBN given the number of unbanked Nigerians. The policy shall be reviewed. In the meantime, my administration will treat both currencies as legal tender.”
He also spoke on revamping Nigeria’s economy by ensuring budgetary reforms and promised to make electricity more accessible by encouraging various state governments to participate in power generation.
He added that his government will review various multiple taxations
