President Bola Tinubu has cancelled on Monday, the subsidy on petrol for Nigerians.
The new President, who was sworn in as the 16th president of Nigeria affirmed that government would no longer subsidise petrol.
Tinubu, who disclosed this while delivering his inaugural speech said his team would open up to Nigerians, the key aspect of the economic policy for his administration.
According to the new President, since the 2023 budget made no provision for fuel subsidy its payment is no longer justifiable.
“The fuel subsidy is gone,” he declared at Eagle Square on Monday.
The president added: “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.
The Buhari -led governmentt had in January 2023, quietly approved ₦185 as the new petrol pump price per litre.
Tinubu also vowed to rid Nigeria of terrorism and criminality, adding that his government will review multiple taxations.
“Security shall be top of our administration,” he said, adding that he will reform security architecture, invest more in security personnel, better training and provide better equipment for security personnel.
Tinubu said he would end extreme poverty, make food more abundant, ensure inclusion for women and youths and discourage corruption.