The newly sworn-in President of Nigeria, Bola Tinubu, has hit the ground running by announcing an end to fuel subsidy regime in the country.
Tinubu, disclosed this while making his official address to Nigerians after he was sworn-in, as Nigeria’s 16th president.
He said the removal of the subsidy is due to the fact that it was not captured in the 2023 budget.
Tinubu said, “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.
“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.”
