Fuel Subsidy Payment No Longer Justifiable – President Tinubu

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Nigeria’s new President, Bola Tinubu says the era of subsidy payment on fuel has ended.

He said the 2023 Budget made no provision for fuel subsidy and more so, subsidy payment is no longer justifiable.

“The fuel subsidy is gone,”

Tinubu declared this in his inaugural speech at the Eagle Square on Monday after he was sworn in as Nigeria’s 16th President of the federal republic of Nigeria.

The newly sworn in President said his government shall instead channel funds into infrastructure and other areas to strengthen the economy, adding that a “unified exchange rate” is guaranteed under his administration.

He also promised to remodel the economy to bring about growth as well as develop the Gross Domestic Product through job creation.

The President said the interest rate is currently too high and will be reviewed.

He assured investors that multiple taxation will be reviewed to attract fresh foreign direct and local investments, even as he promised one million jobs in the digital economy.

Furthermore, the former Lagos State governor vowed to rid Nigeria of terrorism and criminality.

“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.

He said he will end extreme poverty, make food more abundant, ensure inclusion for women and youths and discourage corruption.

President Tinubu expressed deep admiration for his predecessor, hailing him as an honest and patriotic leader who had dedicated himself to the nation’s welfare.

He warmly acknowledged their partnership and friendship, wishing that history would remember Buhari favourably.

With unwavering confidence in the Nigerian people, Tinubu pledged to embrace the sacred mandate bestowed upon him. He emphasised the nation’s greatness and its unyielding determination to fulfil its destiny.

Despite enduring hardships that would have overwhelmed other nations, Tinubu proclaimed the resilience of Nigeria and called for the preservation and advancement of the efforts made by previous generations.

“We must never allow the sacrifices of our predecessors to be in vain,” Tinubu declared. “Instead, let us nurture their legacy and strive to create a brighter and more prosperous reality for our beloved nation.”

He thanked Nigerians who voted for him and were against him at the February 25th presidential Election.

“Nigeria has never had an election of better quality.

We must never allow the labour of those who came before us to wither in vain but to blossom into a new reality. To my supporters, I thank you; for those who didn’t vote for me, I thank you as well.”

“Security shall be the top priority of our administration. We shall reform our security doctrine and architecture, invest more in our security personnel, training and equipment …”

“Let us develop a shared sense of fairness and equality”

“My love for this nation is abiding. My confidence in its people, unwavering. And my faith in God Almighty, absolute. I know that His hand shall provide the needed moral strength and clarity of purpose in those instances when we seem to have reached the limits of our human capacity,” Tinubu stated.

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