President Bola Tinubu announced on Monday, May 29, 2023, in Abuja, that his administration will remove the subsidy on petroleum products.
“Subsidy is gone,” Tinubu declared during his inaugural address at Eagle Square, Abuja, shortly after being sworn in as the 16th President of Nigeria. He explained that there was no provision for the subsidy in the national budget from June 2023, which means it stands removed.
During his inauguration, Tinubu also revealed ambitious economic targets, including a minimum GDP growth of six percent annually. He promised to lead the country with “compassion and amity towards all.”
“In the economy, we’ll target not less than six percent GDP growth. We’ll achieve this through budgetary reforms, boosting domestic manufacturing, and reducing importation,” Tinubu stated.
He also pledged to increase foreign direct investment by addressing issues related to multiple taxations. “To our foreign investors, our government will review all complaints about multiple taxations. All businesses will be allowed to repatriate their hard-earned profits back home,” Tinubu assured.
About an hour before his speech, the former Lagos Governor took the oath of office as the 16th President of Nigeria, alongside Vice President Kashim Shettima.