The new Nigeria’s President, Asiwaju Ahmed Tinubu has stated that the controversial fuel subsidy has been removed.
Tinubu stated this while delivering his inaugural address after taking the oath of office alongside his vice, Kashim Shettima,.
The President revealed that his immediate predecessor, General Muhammadu Buhari did not include fuel subsidy in the 2023 budget, hence, his administration could not sustain it.
He stressed, “On Fuel subsidy, unfortunately, the budget that I have glimpsed before I assume office and what I have heard is that no provision is there for fuel subsidy. So, fuel subsidy is gone.”
His words, “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.”
However, the president did not mention his plan concerning important sectors like education and health.
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