President Bola Tinubu remarked on Monday that the era of fuel subsidies in Nigeria is over.
Tinubu, who made the claim during his inaugural speech as Nigeria’s 16th President, also stated that his team will reveal the important aspects of his administration’s economic policies.
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.”
He also spoke on revamping Nigeria’s economy by ensuring budgetary reforms and promised to make electricity more accessible by encouraging various state governments to participate in power generation.
He added that his government will review various multiple taxations.