President Tinubu announces end of petroleum subsidy in inaugural address.
President Bola Tinubu made a significant announcement during his inaugural address at Eagle Square in Abuja on May 29, 2023. He declared the removal of the subsidy on petroleum products, stating emphatically, “Subsidy is gone.” This decision signaled a departure from previous policies and indicated a shift in the government’s approach to economic management.
Tinubu explained that there was no provision for subsidy in the national budget from June 2023 onwards, effectively eliminating it. This move aimed to address fiscal concerns and streamline government spending.
Moreover, Tinubu outlined his administration’s economic objectives, highlighting a target of minimum GDP growth of six per cent annually. He emphasized the importance of budgetary reforms and the promotion of domestic manufacturing to achieve this goal. Additionally, he pledged to reduce importation and foster a conducive environment for economic growth.
In his address, Tinubu also expressed his commitment to lead the country with compassion and inclusivity, promising to govern with “compassion and amity towards all.” This emphasis on unity and cooperation set the tone for his leadership style and priorities as the 16th President of Nigeria.
Furthermore, Tinubu addressed concerns raised by foreign investors regarding multiple taxations. He assured them that his government would review these complaints and create a favorable business environment. Tinubu’s commitment to allowing businesses to repatriate profits back home demonstrated his administration’s commitment to attracting foreign direct investment and promoting economic stability.
Earlier that day, Tinubu had taken the oath of office as the 16th President of Nigeria, alongside Vice President Kashim Shettima. This marked the formal beginning of his tenure, with promises of decisive action and strategic economic reforms to propel Nigeria towards sustainable growth and development
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