President Bola Tinubu declared the removal of the subsidy on petroleum products during his inaugural address at Eagle Square in Abuja. As the 16th President of Nigeria, Tinubu emphasized that the national budget from June 2023 would no longer include provisions for the subsidy.
In addition to this significant announcement, Tinubu outlined his administration’s goals, aiming for a minimum annual GDP growth of six percent. He emphasized the importance of budgetary reforms to achieve this target, stating that domestic manufacturing would be prioritized to reduce importation.
During his address, Tinubu also expressed his commitment to lead the country with compassion and amity towards all. He pledged to address concerns about multiple taxations, aiming to boost foreign direct investment. The government would review all complaints and ensure that businesses are allowed to repatriate their hard-earned profits back home.
Before delivering his speech, President Tinubu, accompanied by Vice President Kashim Shettima, took the oath of office as the 16th President of Nigeria.