During his inaugural address at Eagle Square in Abuja, President Bola Tinubu made a significant announcement regarding the removal of petroleum product subsidies, highlighting his administration’s focus on economic growth and reform.
Following his swearing-in as the 16th President of Nigeria, Tinubu emphasized the necessity of budgetary reforms and a shift towards domestic manufacturing to reduce dependence on imports.
In no uncertain terms, Tinubu declared, “Subsidy is gone,” clearly indicating his administration’s decision to eliminate the long-standing subsidies on petroleum products.
This action is expected to have substantial implications for the Nigerian economy, potentially leading to changes in fuel pricing and consumption patterns.
During his address, Tinubu outlined his economic goals, aiming for a minimum GDP growth rate of 6 percent.
He stated, “Subsidy is gone,” clearly indicating his administration’s decision to eliminate the longstanding subsidy on petroleum products.
This move is expected to have significant implications for the Nigerian economy, potentially leading to changes in fuel pricing and consumption patterns.
During his address, Tinubu outlined his economic goals, aiming for a minimum of 6 percent growth in GDP.
In his words;
“In economy, we’ll target not less than 6 per cent growth in GDP growth. We’ll do this through budgetary reforms. We’ll use a full range of domestic manufacturing and lessen importation,”
Tinubu’s remarks in his inaugural address at Eagle Square, Abuja, emphasized the importance of budgetary reforms in attaining this objective, demonstrating a commitment to prudent fiscal management.
The President also emphasized the need to attract foreign direct investment by addressing concerns related to multiple taxation.
“To our foreign investors, our government will review all complaints about multiple taxations. All businesses will be allowed to repatriate hard-earned profits back home.” Tinubu added, indicating his administration’s intention to create a favorable environment for international businesses to thrive in Nigeria.
President Tinubu’s inauguration took place at Eagle Square, where he was sworn in alongside Vice President Kashim Shettima.
As news of the subsidy removal spreads, Nigerians eagerly anticipate further details on the implementation process and its potential impact on the cost of living and the overall economy.