In his inaugural address at Eagle Square, Abuja, President Bola Tinubu declared the removal of subsidy on petroleum products, highlighting his administration’s focus on economic growth and reform.
Shortly after being sworn in as the 16th President of Nigeria, Tinubu emphasized the need for budgetary reforms and a shift towards domestic manufacturing to reduce reliance on imports.
Tinubu stated, “Subsidy is gone,” clearly indicating his administration’s decision to eliminate the longstanding subsidy on petroleum products.
This move is expected to have significant implications for the Nigerian economy, potentially leading to changes in fuel pricing and consumption patterns.
During his address, Tinubu outlined his economic goals, aiming for a minimum of 6 percent growth in GDP.
In his words;
“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 emphasized the importance of budgetary reforms to achieve this target, indicating a commitment to prudent fiscal management.
The President also stressed the need to attract foreign direct investment by addressing concerns related to 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, signaling his administration’s intention to create a conducive environment for international businesses to thrive in Nigeria.
President Tinubu’s inauguration took place at Eagle Square, where he was sworn in alongside Vice President Kashim Shettima.
As the news of the subsidy removal spreads, Nigerians eagerly await further details on the implementation process and its potential impact on the cost of living and the overall economy.