Tinubu Takes Over As Nigeria's President.. Says No More Fuel Subsidy, Assures Investors Of Reviewed Taxation

Nigeria’s new President, Asiwaju Bola Ahmed Tinubu has announced removal  of subsidy on every litre of Premium Motor Spirit , popular known as petrol, just as he assured both local and foreign Investors of his administration's committment to review the current multiple taxation, so as to attract more investments into the country's economy

Tinubu who announced the decision on Monday at the Eagles Square in Abuja, shortly after he was sworn-in by Chief Justice of Nigeria, Justice Olukayode Ariwoola  as the 16th president of Africa's most populous country,  said the 2023 Budget made no provision for fuel subsidy, saying subsidy payment is no longer justifiable.

Tinubu in his inaugural speech, said his government shall instead channel funds into infrastructure and other critical areas to strengthen the economy, adding that a “unified exchange rate” is guaranteed under his administration.

The former governor of Lagos State who expressed concern over the current interest rate in the country, also stressed the need to review it while promising to remodel the economy to bring about growth as well as develop the Gross Domestic Product through job creation.

He equally promised one million jobs in the digital economy while vowing  to rid Nigeria of terrorism and criminality.

“Security shall be top of our administration,” he said, adding that he will reform security architecture, invest more in security personnel, better training and provide better equipment for security personnel.

The new President said he will end extreme poverty, make food more abundant, ensure inclusion for women and youths and discourage corruption through various initiatives of his administration

Tinubu took over the leadership of the country from the immediate past president, Muhammadu Buhari who served  between 2015 and 2023 on the platform of the same party, All Progressives Congress (APC)