Austin David, Abuja President Bola Ahmed Tinubu has finally ended Nigeria's fuel subsidy. In his inaugural speech on Monday in Abuja, Tinubu sa
Austin David, Abuja
President Bola Ahmed Tinubu has finally ended Nigeria’s fuel subsidy.
In his inaugural speech on Monday in Abuja, Tinubu said that his government would ramp up oil production and deregulate midstream gas prices in a few months.
The 71-year-old Tinubu had promised during his electioneering campaign to remove a fuel subsidy.
He said the money would be channelled to agricultural and social welfare programmes, road construction, public transport subsidies, education and healthcare programmes.
“Subsidy can no longer justify its ever-increasing costs in the wake of drying resources. We shall instead re-channel the funds into better investment in public infrastructure, education, health care and jobs that will materially improve the lives of millions,” he said.
The president said he would also review complaints on multiple taxation so as to boost the economy and attract investors.
There has been apprehension over the planned removal of subsidy with marketers and other petroleum stakeholders projecting that the development may push fuel prices to N750 per litre.
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