Newly sworn-in Nigerian president, Bola Ahmed Tinubu, has said that there will be no more fuel subsidy.
Tinubu stated this on Monday in his inaugural speech after he was sworn in at the Eagle Square in Abuja.
He told the gathering that the budget he met on ground had no provision for fuel subsidy, hence none would be sought.
According to Tinubu, the gains made from the withdrawal of fuel subsidy will be applied to other pressing areas such as education, agriculture and provision of critical infrastructures.
Recall that Babajide Fashola, the Minister of Works and Housing in the Buhari government had been quoted as saying;
“The truth is that subsidy has been removed. We see subsidy only as price, but the truth is that subsidy is policy driven by law, and financing. The 2023 budget has no subsidy component beyond June. So, as a matter of policy, this outgoing government has decided that it can not fund subsidy anymore. As a matter of law, the Nigerian people have passed a law to end subsidy in June.”
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