Subsidy is gone, says Tinubu.

On Monday in Abuja, President Bola Tinubu declared that his administration would end the subsidy on petroleum products.

Soon after being sworn in as the 16th President of Nigeria, Tinubu declared “Subsidy is gone” in his inaugural speech at Eagle Square, Abuja.

According to the president, subsidies were not included in the national budget as of June 2023, so they were eliminated.

During his speech at his inauguration on Monday in Abuja, Tinubu said that his administration’s minimum GDP growth target is 6% each year.

He also promised to will lead the country with “compassion and amity towards all.”

“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 said in his inaugural address at Eagle Square, Abuja.

He committed to evaluate any concerns about numerous taxes in order to increase foreign direct investment.

“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.

The former Lagos governor and vice president Kashim Shettima had taken the oath of office as Nigeria’s 16th president almost an hour earlier.