President Bola Tinubu made a significant announcement during his inaugural address in Abuja, stating that his administration would eliminate the subsidy on petroleum products.

Emphatically declaring “Subsidy is gone,” Tinubu confirmed that the national budget from June 2023 does not include provisions for subsidy, thereby removing it entirely.

In addition to this announcement, Tinubu outlined his economic goals, expressing a target of at least 6% annual GDP growth.

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He emphasized that achieving this growth would involve implementing budgetary reforms and reducing importation by leveraging domestic manufacturing.

Tinubu pledged to address concerns regarding multiple taxations to encourage foreign direct investment, promising that businesses would be able to repatriate their profits.

Earlier, he had been sworn in as the 16th President of Nigeria, with Kashim Shettima assuming the role of Vice President.