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HomeTop NewsPresident Tinubu abolishes fuel subsidy, dual exchange rate in inaugural speech

President Tinubu abolishes fuel subsidy, dual exchange rate in inaugural speech

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President Bola Tinubu announced on Monday in Abuja that his administration will remove the subsidy on petroleum products and abolish the dual exchange rate policy.

“Subsidy is gone!” Tinubu exclaimed during his inaugural address at Eagle Square, Abuja, shortly after he was sworn in as the 16th President of Nigeria.

The president said there was no provision for subsidies in the national budget as of June 2023 and, therefore, it stands removed.

Speaking at his inauguration on Monday in Abuja, Tinubu revealed that his administration targets a minimum GDP growth of six percent annually.

READ ALSO: As President Tinubu takes oath of office, Labour Party assures supporters of justice

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

“In the economy, we’ll target not less than 6 percent 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 taxes.

“To our foreign investors, our government will review all complaints about multiple taxes.” 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.

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