Nigerians will have to tighten their belts, as they will surely walk into an era without petrol subsidy.
Sadly, majority of the people rely on petrol for transportation and even to run businesses.
You see, the price of petrol will surely go up far beyond what people would think.
On Monday May 29, during the presidential swearing-in , President Bola Tinubu declared that his administration would end the subsidy on petroleum products.
In fact, he said he was aware that Subsidy had been removed from government expenditure.
“Subsidy is gone” Tinubu exclaimed during his inaugural address at Eagle Square, Abuja
According to the president, subsidies were not included in the national budget as of June 2023, so they were eliminated.
During his speech at his inauguration on Monday in Abuja, The president said that his administration’s minimum GDP growth target would be 6% each year.
He also promised to lead the country with “compassion and amity towards all”.
“In economy, we’ll target not less than 6% growth in GDP growth.
“We’ll do this through budgetary reforms.
People Also Read: May 29: See Programme For Bola Tinubu’s Swearing-in
“We’ll use a full range of domestic manufacturing and lessen importation.” Tinubu said in his inaugural address.
The former Lagos governor and vice president Kashim Shettima had taken the oath of office as Nigeria’s 16th president almost an hour earlier.
