President Tinubu announces end of fuel subsidy

During his inaugural address at Eagle Square, Abuja, President Bola Tinubu made a significant announcement regarding the country's economic policies. Following his swearing-in as the 16th President of Nigeria, Tinubu declared the removal of subsidy on petroleum products, reflecting his administration's commitment to economic growth and reform. He stressed the need for budgetary reforms and a shift towards domestic manufacturing as a means to reduce the country's reliance on imports. Tinubu explicitly stated, "Subsidy is gone," indicating the decision to eliminate the longstanding subsidy on petroleum products. This decision is expected to have far-reaching implications for the Nigerian economy, potentially resulting in changes in fuel pricing and consumption patterns. 

Additionally, Tinubu outlined his economic objectives, aiming for a minimum of 6 percent GDP growth. He emphasized the importance of budgetary reforms to achieve this target and expressed a dedication to prudent fiscal management. Furthermore, the President highlighted the significance of attracting foreign direct investment by addressing concerns related to multiple taxations. He assured foreign investors that the government would review complaints about excessive taxation and allow businesses to repatriate their profits back home. This commitment indicates Tinubu's intention to create a favorable environment for international businesses to flourish within Nigeria.

President Tinubu's inauguration ceremony took place at Eagle Square, where he was sworn in alongside Vice President Kashim Shettima. As news of the subsidy removal spreads, Nigerians eagerly anticipate further details on the implementation process and its potential impact on the cost of living and the overall economy.