Subsidy is gone – President Tinubu declares

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President Bola Tinubu stated on Monday in Abuja that his administration will end the subsidy on petroleum products.

“Subsidy is gone,” Tinubu declared during his inauguration address at Eagle Square in Abuja, immediately after being sworn in as Nigeria’s 16th President.

According to the president, there is no provision for subsidy in the national budget beginning in June 2023, so it is no longer in effect.

Tinubu disclosed at his inauguration on Monday in Abuja that his administration’s minimum GDP growth target is 6% per year.

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 in his inaugural address at Eagle Square, Abuja.

He promised to boost foreign direct investment by reviewing all complaints about multiple taxations.

“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.

About an hour earlier, the former Lagos Governor had taken the oath of office as the 16th President of Nigeria alongside Vice President Kashim Shettima.