Nigerian President, Asiwaju Bola Tinubu has announced the remover of the contentious petroleum subsidy, saying that the 2023 budget that his government inherited has no provision for the funding of fuel subsidy and therefore, it’s hereby removed.
President Tinubu stated this in his inaugural address after being sworn in as the 16th President of Nigeria at Eagles Square in Abuja, saying “Subsidy is gone.”
The President also promised that his government will review the country’s foreign exchange, abolish two exchange regime and introduce a unified exchange rate.
Tinubu also assured both local and foreign investors of a healthier atmosphere, assuring them that issues of multiple taxations would be addressed, while the current high interest rate will be review downward.
“To our foreign investors, our government will review all complaints about multiple taxations. All businesses will be allowed to repatriate hard-earned profits back home,” Tinubu added.
He also promised to will lead the country with “compassion and amity towards all.”
In economy, we’ll target not less than 6 per cent growth in GDP growth. We’ll do this through budgetary reforms. We’ll use a full range of domestic manufacturing and lessen importation,” Tinubu said.
