President Bola Tinubu has removed subsidy on petroleum products, saying its is gone for good.
He declared this during his inaugural speech on Monday at the Eagles Square Abuja.
Tinubu said, “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.”
The new president commended the decision of the outgoing administration “in phasing out the petrol subsidy regime which has increasingly favoured the rich more than the poor.”
Tinubu said he is targeting 6 % annual GDP growth.
“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.”
He also promised to will lead the country with “compassion and amity towards all.”
