By Enyichukwu Enemanna
Nigeria’s new President, Bola Tinubu says the era of subsidy payment on fuel has ended.
According to Tinubu, a former Governor of Lagos State, the country’s 2023 Budget made no provision for fuel subsidy, stating that subsidy payment is no longer justifiable.
“The fuel subsidy is gone,” Tinubu declared in his inaugural speech at the Eagle Square Abuja on Monday after he was sworn in as Nigeria’s 16th President.
Tinubu said his government will instead channel funds into infrastructure and other areas to strengthen the economy, adding that a “unified exchange rate” is guaranteed under his administration.
Hours after his punch-line statement, fuel queues have resurfaced in Abuja, Lagos and other parts of the country.
While filling stations that have petroleum products in stock are hoarding, motorists were seen late on Monday engaging in panic buy.
Tinubu also promised to defend the country against all forms of terror attacks and reduce to the barest minimum extreme poverty in the African nation.
With estimated population of 200 million, Nigeria has in more than a decade suffered terror attacks from Boko Haram terror group with ISWAP collaboration. An estimated 50 thousand persons have been killed across the country, with North East and North Central worst hit.
Extreme poverty, exacerbated by displacement of farmers from their original places of habitation by armed bandits has also forced millions of Nigerians to live below poverty line.
“I will do that through job creation and food security and end to extreme poverty. I will ensure that corruption is tacked by strenghtening anti-corruption agencies”, Tinubu said.
He stated that his predecessor and former President Muhammadu Buhari has done his best for Nigeria.
He said, “Permit me to say a few words to my predecessor, President Muhammadu Buhari. You have been a honest man and patriotic leader. Buhari has done his best for the nation.”
Kashim Shettima a former governor of Borno was also sworn in as the Vice President of Nigeria.
Chief Justice of the Federation, Olukayode Ariwoola administered the oath of office to the President at 10:40 am, shortly after the Vice President took his oath of office.
