Bola Ahmed Tinubu, Nigeria’s newly sworn-in president, declares an end to fuel subsidy in his inaugural speech at the Eagles Square on Monday, May 29, 2023.
He said the budget that is left for him does not have provision for subsidy.
He further stated that subsidy on fuel products, especially petrol, cannot be sustained or paid for, adding that the money used for subsidy will now be channeled into infrastructure and other areas to strengthen the economy and that a “unified exchange rate” is guaranteed under his administration.
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 jobs in the digital sector, he reassured investors that multiple taxation mechanisms will be evaluated to attract new foreign direct investment and domestic investment.
Bola Tinubu also promised to fight against terrorism and criminality. In his speech, he said, “Security shall be top of our administration,” pledging to revamp the security architecture, increase investment in security people, improve training, and equip security officers with better tools.
He also promised to eradicate severe poverty in Nigeria, make food abundant, ensure the inclusion of women and youth, and combat corruption.
