The newly inaugurated President of Nigeria, Bola Ahmed Tinubu, has made it official that the fuel subsidy will be eliminated, citing the fact that there is no provision for it in the budget.
This was President Tinubu’s opening statement, which he delivered on Monday at Eagle Square in Abuja.
It was explained to him that there is no provision for fuel subsidy and that it is no longer possible to justify having one.
He stated, “Fuel subsidies are no more. In light of the depletion of resources, subsidies can no longer be used to rationalize their continuously rising prices.
We will instead redistribute the funds to make greater investments in public infrastructure, education, health care, and job creation, all of which would dramatically enhance the lives of millions of people.
“No provision for fuel subsidy.”
He stated that there will be a “thorough house cleaning,” and he also mentioned that the interest rate will be cut.
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