Fuel subsidy era is gone – Tinubu
Nigerian President Asiwaju Bola Ahmed Tinubu, has said that the era of fuel subsidy is gone in Nigeria.
Tinubu, while disclosing this during his inaugural speech as the 16th Nigerian President, said that his team will disclose the key aspect of the economic policy for his administration.
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.”
The President 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, while adding that his government will review various multiple taxations.
