By Uche Amunike
Nigeria’s newly sworn-in President, Bola Tinubu has declared that there will no longer be fuel subsidy in his administration, as the present 2023 budget, does not make any provision for it.
Speaking, during his inaugural address at the Eagle Square, Abuja, Monday, the newly sworn in President of Nigeria stated that the funds for subsidies would be used for other things like public infrastructure, healthcare, education and employment.
His words: ‘We commend the decision of the outgoing administration in phasing out the petrol subsidy regime which has increasingly favored the rich more than the poor. Subsidy can no longer justify its ever increasing costs in the wake of drying resources. We shall instead re-channel the funds into better investment in public infrastructure. education, healthcare and jobs that will naturally improve the lives of millions.’
Over the years, the Nigerian government has subsidized fuel and fixed retail prices of petroleum products and this has threatened the nation’s fiscal position and impacted the government’s efforts in funding developmental projects across the nation.
In November 2021, plans were made by the federal government to remove the fuel subsidy and have it replaced with a monthly N5000 transport grant for poor Nigerians. However, the plan was suspended by the government after the Nigerian Labor Congress (NLC) and Trade Union Congress (TUC), made threats about embarking on mass protests.
President Bola Tinubu further explained that the funds meant for subsidy would be channeled into infrastructure and other areas and assured that it would help to strengthen the economy and also guarantee a unified exchange rate in his administration.
He reiterated that remodeling the economy would bring about growth and also help to develop the gross domestic products through employment opportunities that his government would provide.
He also informed investors that the problem of multiple taxation would be reviewed in his administration in order to attract fresh foreign direct and local investments, while promising 1,000,000 jobs in the digital economy.
As for the problem of terrorism and criminality, President Bola Tinubu promised Nigerians that he would get rid of it. He stated that he intended to make security, top priority in his administration. He stressed that he would restructure the security architecture in the country, provide better training and better equipment for security personnel and invest more in security personnel.
He promised to put an end to extreme poverty in the country and make food more abundant, while also adding that he would include women and youths in his government.
On foreign policy, President Bola Tinubu assured that his objective is peace and stability.
Hear him: ‘The crisis in Sudan and the turn from democracy by several nations in our immediate neighborhood are of pressing concern.
‘As such, my primary foreign policy objective must be the peace and stability of the West African sub region and the African continent. We shall work with ECOWAS, the AU and willing partners in the international community to end extant conflicts and to resolve new ones.’
‘As we contain threats to peace, we shall also retool our foreign policy to more actively lead the regional and continental quest for collective prosperity.’
