‘Fuel Subsidy Era Is Gone,’ President Tinubu Says In Inaugural Speech

President Tinubu said that the fuel subsidy era was gone during his inaugural speech.

 

NewsOnline reports that President Bola Tinubu in his inaugural speech as Nigeria’s 16th president, affirmed that the federal government will no longer pay subsidy on fuel.

 

The fuel subsidy is gone,” Mr Tinubu categorically declared at Eagle Square on Monday.

 

ALSO: Nigerians To Buy Petrol N750/Litre As Tinubu Removes Fuel Subsidy

 

He said that the subsidy, an age-long controversial feature of Nigeria’s oil economics, was abolished by the outgone administration as the 2023 budget made no provision for it.

 

The president also said the continuous payment of subsidy was no longer justifiable and that his government will channel the funds into infrastructural development.