TheCapital

President Bola Ahmed Tinubu has declared an end to fuel subsidy.

He made the declaration in his maiden speech after he was sworn in as 16th President.

Tinubu said from the 2023 budget he inherited, subsidy is supposed to end by June.

He said subsidy of petroleum products cannot continue

Tinubu said his government shall instead channel funds into infrastructure and other areas to strengthen the economy, adding that a “unified exchange rate” is guaranteed under his administration.

He also promised to remodel the economy to bring about growth as well as develop the Gross Domestic Product through job creation.