Tinubu announces the end of fuel subsidy
In his inaugural address at Eagle Square, President Bola Ahmed Tinubu of Nigeria declared the conclusion of fuel subsidy payments. He emphasized that the recently passed 2023 Budget does not allocate any funds for fuel subsidy, highlighting its lack of justification.
President Tinubu expressed his administration's commitment to redirect the resources previously used for a subsidy towards bolstering infrastructure and other sectors, aiming to enhance the country's economy.
"We appreciate the outgoing administration's choice to gradually eliminate the petrol subsidy system, which has disproportionately benefited the wealthy rather than the impoverished.
"As resources become scarce, the escalating costs of subsidies can no longer be justified. Consequently, we will redirect these funds towards investments in public infrastructure, education, healthcare, and job creation, ultimately leading to significant improvements in the lives of millions."
In addition, President Tinubu addressed the crucial topics of security and employment in his speech.
He emphasized that security would be the foremost concern of his administration, as he acknowledged that neither prosperity nor justice can thrive in an environment plagued by insecurity and violence.
Regarding employment, he stressed the importance of generating significant opportunities for the youth. He reaffirmed his commitment to fulfilling his campaign promise of creating one million new jobs within the digital economy, recognizing the need to provide meaningful avenues for employment.
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