President Bola Tinubu has announced that his administration will remove the subsidy on petroleum products.
Tinubu said this during his inaugural address at Eagle Square, Abuja, shortly after he was sworn in as the 16th President of Nigeria.
“Subsidy is gone,” he declared.
The president said there was no provision for subsidy in the national budget from June 2023 and, therefore, it stands removed.
Speaking at his inauguration, Tinubu, on Monday, in Abuja, he revealed that his administration targets minimum GDP growth of six per cent annually.
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.