Nigeria’s new President, Bola Tinubu on Monday confirmed the termination of the country’s fuel subsidy regime.
While speaking on subsidizing the cost of fuel at his Inauguration, the President said “we commend the decision of the outgoing administration in phasing out the petrol subsidy regime which has increasingly favoured the rich more than the poor.
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.
Continuing, Asiwaju Tinubu said “unfortunately, the budget that was in place before I assumed office has no provision for fuel subsidy. So, fuel subsidy is gone”.
On foreign policy, the President stated that his primary foreign policy objective would he the peace and stability of the West African subregion and the African continent. “We shall work with ECOWAS, the AU and willing partner’s in the international community to end extant conflicts and to resolve new ones”.
President Tinubu who spoke glowingly about his predecessor also affirmed that “our mission is to improve our way of life in a manner that nurtures our humanity, encourages compassion toward one another and duly rewards our collective effort to resolve the social ills that seek to divide us”.
Calling for a shared sense of fairness and equity, Tinubu said “our constitution and laws give us a nation on paper. We must work harder at bringing these noble documents to life by strengthening the binds of economic collaboration, social cohesion and cultural understanding “.