President Bola Tinubu says the petrol subsidy regime is over. He spoke on Monday during his inaugural speech as president. “On fuel subsidy, unfortunately, the budget before I assumed office
He spoke on Monday during his inaugural speech as president.
Nigeria’s new president added that “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,” he said. Babatunde Fashola, former minister of works and housing, had earlier disclosed that the outgone Muhammadu Buhari administration didn’t make provisions for petrol subsidy in the year’s budget beyond June.Previous attempts to end the petrol subsidy regime sparked protests on the streets and strike action from organised labour.
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