President Bola Tinubu stated on Monday that the era of fuel subsidy has come to an end in Nigeria.
During his inaugural speech as the 16th President of Nigeria, Tinubu further revealed that his administration will disclose the essential components of its economic policy.
He expressed appreciation for the outgoing administration’s decision to phase out the petrol subsidy system, which has disproportionately benefited the wealthy rather than the poor. Given the depletion of resources, Tinubu argued that the subsidy can no longer be justified due to its escalating costs.
Instead, he emphasized redirecting the funds towards more worthwhile investments in public infrastructure, education, healthcare, and job creation, to significantly enhance the lives of millions of people.
Tinubu also addressed the revitalization of Nigeria’s economy through budgetary reforms and pledged to enhance electricity accessibility by encouraging state governments to participate in power generation.
Furthermore, he promised a review of multiple taxes imposed by the government.
