Nigeria’s new President, Bola Tinubu says the era of subsidy payment on fuel has ended. Bola Tinubu who was sworn in today at the Eagle Square in Abuja noted that “Fuel Subsidy is Gone”.
He added that the 2023 Budget made no provision for fuel subsidy and more so, subsidy payment is no longer justifiable. He also declared that the interest rate is high and need to be reviewed.
Tinubu said his government shall instead channel funds into infrastructure and other areas to strengthen the economy, adding that a “unified exchange rate” is guaranteed under his administration.
Among other promises, the new president also vowed to remodel the economy to bring about growth as well as develop the Gross Domestic Product through job creation.