Nigeria’s new president, Bola Ahmed Tinubu has announced that “fuel subsidy is gone” after years of dithering by the outgoing former president, Buhari.
The president mentioned this in his inaugural speech on Monday, May 29th, 2023. According to the president, he said “unfortunately, in the 2023 budget there no provision is there for fuel subsidy, so Fuel subsidy is gone” he 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,” he said.
He said he would also review complaints on multiple taxation so as to boost the economy and attract investors.
He also said his administration is targeting a Gross Domestic Profit of not less than 6% growth.
More to follow….
