President Tinubu announces the abolition of fuel subsidies.
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President Bola Tinubu announced the elimination of petroleum product subsidies during his inaugural speech at Eagle Square in Abuja, solidifying his administration's commitment to economic growth and reform.After taking office as Nigeria's 16th President, Tinubu stressed the necessity of budgetary reforms and a shift towards domestic manufacturing to reduce dependency on imports.
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Tinubu explicitly stated, "The era of subsidies is over," making it clear that his government has made the decision to end the longstanding practice of subsidizing petroleum products.This decision is expected to have significant repercussions for the Nigerian economy, potentially resulting in changes to fuel prices and consumption patterns.
During his address, Tinubu outlined his economic objectives, setting a target of at least 6 percent GDP growth.
"In the field of economics, we will strive for a minimum of 6 percent GDP growth. To achieve this, we will implement budgetary reforms and promote domestic manufacturing while reducing imports," Tinubu declared in his inaugural speech at Eagle Square, Abuja.
He emphasized the importance of budgetary reforms in attaining this goal, demonstrating his administration's dedication to responsible fiscal management.
The President also emphasized the need to attract foreign direct investment by addressing concerns related to multiple taxations.
"To our foreign investors, our government will thoroughly review all complaints regarding multiple taxations. All businesses will be allowed to repatriate their hard-earned profits back to their home countries," added Tinubu, signaling his administration's commitment to fostering a favorable environment for international businesses to thrive in Nigeria.
President Tinubu's inauguration ceremony took place at Eagle Square, where he and Vice President Kashim Shettima were sworn into office.
As news of the subsidy removal spreads, Nigerians eagerly anticipate further information on the implementation process and its potential impact on the cost of living and the overall economy.
