Tinubu declares end to fuel subsidy

 

ABUJA, Nigeria – President Bola Ahmed Tinubu has declared an end to fuel subsidy regime. Tinubu who was speaking during his inauguration said there was no justification for the ever increasing fuel subsidy.

He said the money spent on fuel subsidy will be channeled into other productive sectors of the economy, adding that the current rate of fuel importation is too high for business.

According to him, there is no provision for fuel subsidy in the 2023 budget and consequently he said, “Fuel subsidy is gone.”

He also announced that there would be a uniform foreign exchange rate under his administration.