Tinubu makes bold pronouncement after swearing in

Nigeria’s newly sworn in president, Bola Tinubu has announced that the era of fuel subsidy is gone.

Speaking during his inaugural address after he was sworn in as Nigeria’s sixteenth president on Monday at the Eagles Square, Abuja, Tinubu 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.

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.”

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.

“On the economy, we target a higher GDP growth and to significantly reduce unemployment.”

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.

ADVERTISEMENT

“I have a message for our investors, local and foreign: our government shall review all their complaints about multiple taxation and various anti-investment inhibitions.”

“We shall ensure that investors and foreign businesses repatriate their hard earned dividends and profits home.”

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