No more fuel subsidy, Tinubu declares

Nigeria’s new President Bola Ahmed Tinubu has said the era of subsidy payment on fuel has ended.

Tinubu said this in his inaugural speech at the Eagle Square on Monday after he was sworn in as Nigeria’s 16th President.

According to him the 2023 Budget made no provision for fuel subsidy and more so, subsidy payment is no longer justifiable.

He stated that his government shall instead channel funds into infrastructure and other areas to strengthen the economy.

“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 said security shall be the top priority of his administration because neither prosperity nor justice can prevail amidst insecurity and violence.

On jobs, he said his administration must create meaningful opportunities for our youth, stating he will honour his campaign commitment of one million new jobs in the digital economy.