President Bola Tinubu removes fuel subsidy. He declared this at Eagle Square during his inaugural speech.
According to him, there is no provision for fuel in his administration. He made it clear that his administration can’t support fuel subsidy, and has removed it.
Tinubu in his inaugural speech delivered on Monday in Abuja said there was no justification for the ever increasing fuel subsidy, saying the money would be channeled to other sectors.
According to him, “No provision is made for fuel subsidy. Fuel subsidy is gone.”
He also announced that there would be a unified foreign exchange rate under his administration.
The president also assured the current import rate was too high and anti-business.
To this end, he said the rate would be brought down.
Note that his predecessor, Muhammad Buhari made so many promises at his sworn-in day but to this point that he left office, none of those promises was fulfilled.
Let us keep watching what this administration stands to do for Nigerians.