President Bola Tinubu declared the abolition of fuel subsidy in his inaugural address at Eagle Square in Abuja, emphasizing his administration’s focus on economic growth and reform.
Tinubu, Nigeria’s 16th President, underlined the need for budgetary reforms and a shift toward domestic production to minimize dependency on imports shortly after being sworn in.
“Subsidy is gone,” Tinubu declared, emphasizing his administration’s determination to end the long-standing subsidy on petroleum goods.
This decision is predicted to have a substantial impact on the Nigerian economy, potentially resulting in changes in fuel pricing and consumption patterns.
During his address, Tinubu outlined his economic goals, aiming for a minimum of 6 percent growth in GDP.
In his words;
“In economy, we’ll target not less than 6 per cent growth in GDP growth. We’ll do this through budgetary reforms. We’ll use a full range of domestic manufacturing and lessen importation,” Tinubu said in his inaugural address at Eagle Square, Abuja.
He emphasized the importance of budgetary reforms to achieve this target, indicating a commitment to prudent fiscal management.
The President also stressed the need to attract foreign direct investment by addressing concerns related to multiple taxations.
“To our foreign investors, our government will review all complaints about multiple taxations. All businesses will be allowed to repatriate hard-earned profits back home,” Tinubu added, signaling his administration’s intention to create a conducive environment for international businesses to thrive in Nigeria.
President Tinubu’s inauguration took place at Eagle Square, where he was sworn in alongside Vice President Kashim Shettima.
As the news of the subsidy removal spreads, Nigerians eagerly await further details on the implementation process and its potential impact on the cost of living and the overall economy.
