During his inaugural address, Nigerian President Asiwaju Bola Ahmed Tinubu announced that there was no longer funding in the budget for fuel subsidies; consequently, fuel subsidies have been eliminated.
In Tinubu’s speech, during which he discussed his plans for Nigeria during his presidency, he stated, “On fuel subsidy, unfortunately, the budget that I viewed before assuming office and what I’ve heard indicates that there is no provision for fuel subsidies.
“Instead, we will redirect all incoming funds to better investments, public infrastructure, education, healthcare, and jobs that will materially improve the lives of our citizens.”
“So, petroleum subsidy is gone. As a result of dwindling resources, subsidies can no longer justify the rising cost. Instead, we will redirect all incoming funds to better investments, public infrastructure, education, healthcare, and jobs that will materially enhance the lives of our citizens.”
Tinubu, speaking about monetary policy, stated that a “thorough house cleaning” is required.
“The Central Bank should strive for a unified exchange rate. He stated that the funds from arbitrage should be invested in plants, equipment, and employment that will power the real economy.
He added that the interest rate must be reduced, stating, “We must work on all of these.”
Tinubu promised during his campaign for the presidency that, if elected, he would remove petroleum subsidies. He kept his word, announcing the removal of subsidies on his first day in office.
