President Bola Ahmed Tinubu has declared that the era when the federal government pays subsidy on fuel in the country has come an end.
He made this declaration after being sworn-in as the new president of Nigeria on Monday.
He revealed that the 2023 budget made no provision for fuel subsidy and that the payment is no longer justifiable.
“Fuel subsidy is no more. Subsidy can no longer justify its ever-increasing costs in the wake of drying resources.”
President Tinubu also described how his government would channel the funds into building infrastructure and developing other sectors to strengthen the nation’s economy instead of wasting it on a fuel subsidy policy that is no longer justifiable.
“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.
He promised to make the country investors’ favourite destination, create millions of jobs for the youths and rid it of terrorism and forms of criminality.
