President Bola Ahmed Tinubu has removed fuel subsidy.

The new president made the declaration in his inaugural speech in Abuja on Monday, May 29 at the Eagle Square in Abuja shortly after his swearing-in.

Tinubu stated that there was no provision for fuel subsidy in the budget he is inheriting from his predecessor, Muhammadu Buhari.

The president stated that money being spent on subsidy would be channelled to other use especially on education, health and infrastructure.

“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,” he said.

Tinubu stated that interest rate must come down. “It is anti-people, anti-business,” he said.

The Star