By Rahaman Yusuf
President Bola Ahmed Tinubu has announced total removal of fuel subsidy from the nation’s budget.
Tinubu who made this pronouncement in his inaugural speech said there was no provision for subsidy in the budget he inherited from the outgone president, Muhammadu Buhari.
The president said:, “we commend the decision of the outgoing administration in phasing out the petrol subsidy regime which has increasingly favoured 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, health care and jobs that will materially improve the lives of millions.”
Total removal of subsidy means Nigerians will pay more for petroleum products.
Meanwhile, Nigerians await the president’s cabinet as he has promised to hit the ground running without wasting time in announcing appointments like his predecessor.
