Just in: Tinubu removes petrol subsidy

“There is no provision for subsidy in the 2023 federal budget from June; so it, stands removed”

President Bola Tinubu on Monday in Abuja announced the first policy direction of his administration in the oil and gas sector with the removal of the contentious subsidy on petroleum products.

In his inaugural speech at the Eagles Square moments after taking power, Tinubu declared: “Subsidy is gone”.

The 16th President of Nigeria pointed out that there is “no provision for subsidy in the 2023 federal budget from June”, saying it, therefore, stands removed.

Still unveiling a snippet of his administration’s economic policies, Tinubu said he was targeting a minimum GDP growth of six per cent annually.

“In economy, we wiIl target not less than 6 per cent growth in GDP growth. We will do this through budgetary reforms.

“We will use a full range of domestic manufacturing and lessen importation,” he said.

The president promised to boost foreign direct investment by resolving 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 told the cheering audience that he would lead the country with “compassion and amity towards all.”

Persecondnews had reported that Tinubu and the Vice-President Kashim Shettima had earlier taken the oaths of office administered by the Chief Justice of the Federation, Justice Olukayode Ariwoola.