Inauguration: No provision for fuel subsidy was made in 2023 budget, payment no longer justifiable – President Tinubu

Inauguration: No provision for fuel subsidy was made in 2023 budget, payment no longer justifiable – President Tinubu

May 29, 2023

President Bola Tinubu says the era of subsidy payment on fuel has ended as the 2023 Budget made no provision for fuel subsidy and more so, subsidy payment is no longer justifiable.

In his inaugural speech at the Eagle Square on Monday after he was sworn in as Nigeria’s 16th President, Tinubu said his government shall instead channel funds into infrastructure and other areas to strengthen the economy.

“We commend the decision of the outgoing administration in phasing out the petrol subsidy regime which has increasingly favoured the rich more than the poor. Subsidy can no longer justify its ever-increasing costs in the wake of drying resources.

He added that a “unified exchange rate” is guaranteed under his administration as the former will be reviewed.

Tinubu also promised to remodel the economy to bring about growth as well as develop the Gross Domestic Product through job creation, while assuring investors that multiple taxation will be reviewed to attract investments, even as he promised one million jobs in the digital economy.

“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.

According to him, “our constitution and laws give us a nation on paper. We must work harder at bringing these noble documents to life by strengthening the bonds of economic collaboration, social cohesion, and cultural understanding”.

Let us develop a shared sense of fairness and equity. The South must not only seek good for itself but must understand that its interests are served when good comes to the North.

The North must see the South likewise. Whether from the winding creeks of the Niger Delta, the vastness of the northern savannah, the boardrooms of Lagos, the bustling capital of Abuja, or the busy markets of Onitsha, you are all my people.

The new President, promised to serve with prejudice toward none but compassion and amity towards all.

“In the coming days and weeks, my team will publicly detail key aspects of our programme. Today, permit me to outline in broad terms a few initiatives that define our concept of progressive good governance in furtherance of the Nigerian ideal: