Abuja—The newly inaugurated Nigerian President, Bola Tinubu, has officially announced the removal of fuel subsidy, saying that there is no provision for it.
President Tinubu said this on Monday during his inaugural speech at Eagle Square in Abuja, according to SaharaReporters.
He said that there is no provision for fuel subsidy, adding that it can no longer be justified.
He said, “Fuel subsidy is no more. Subsidy can no longer justify its ever-increasing costs in the wake of drying resources.
“We shall instead re-channel the funds into better investment in public infrastructure, education, health care and jobs that will materially improve the lives of millions.
“No provision for fuel subsidy.”
He said there will be a “thorough house cleaning,” adding that the interest rate will be reduced.
