The subsidy on petroleum goods would be eliminated, President Bola Tinubu stated on Monday in Abuja.
Soon after being sworn in as the 16th President of Nigeria, Tinubu declared “Subsidy is gone” during his inauguration speech in Eagle Square, Abuja.
The national budget, according to the president, does not include a subsidy provision beginning in June 2023, thus it is eliminated.
A minimum GDP growth of 6% per year is the administration’s goal, according to Tinubu, who made the announcement on Monday at his inauguration in Abuja.
He also pledged to lead the nation with “compassion and amity towards all.”
“In terms of the economy, we’ll aim for GDP growth of no less than 6%. Budgetary measures will be used to accomplish this. In his inaugural speech at Eagle Square, Abuja, Tinubu promised to make maximum use of home production while reducing importation.
He committed to evaluating any concerns concerning numerous taxes in order to increase foreign direct investment.
“Our administration will examine all concerns concerning various taxes, as promised to our foreign investors. All firms would be permitted to bring their hard-earned earnings home,” added Tinubu.
The former Lagos governor and vice president Kashim Shettima had taken the oath of office as Nigeria’s 16th president almost an hour earlier.