Petrol subsidy is gone - Tinubu

President Bola Tinubu says the petrol subsidy regime is over.

He made this known in his inaugural speech as president at Eagles Square.

“On fuel subsidy, Unfortunately, the budget before I assumed office is that no provision is there for fuel subsidy. So fuel subsidy is gone,” he said.

“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.

He said he would also review complaints on multiple taxation so as to boost the economy and attract investors.

He also said his administration is targeting a Gross Domestic Profit of not less than 6% growth.

He also promised to will lead the country with “compassion and amity towards all.”

“In economy, we’ll target not less than 6 per cent growth in GDP growth. We’ll do this through budgetary reforms. We’ll use a full range of domestic manufacturing and lessen importation,” Tinubu said in his inaugural address at Eagle Square, Abuja.

He promised to boost foreign direct investment by reviewing all complaints about multiple taxations.

“To our foreign investors, our government will review all complaints about multiple taxations. All businesses will be allowed to repatriate hard-earned profits back home,” Tinubu added.

About an hour earlier, the former Lagos Governor had taken the oath of office as the 16th President of Nigeria alongside Vice President Kashim Shettima.

More to follow…