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Nigeria’s Fuel Subsidy Gone, To Revisit Naira Redesign Policy, Tinubu Vows During Inaugural Address

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By Goodluck Ikiebe

President Bola Ahmed Tinubu has said there will be no more fuel subsidy.

The President made this disclosure on Monday in his inaugural speech after he was sworn in at the Eagle Square in Abuja.

Tinubu told the gathering that the budget he met on ground had no provision for fuel subsidy, hence none would be sought.

He said the gains made from the withdrawal of fuel subsidy will be applied to other pressing areas.

President Tinubu listed such areas as Education, Agriculture and provision of critical infrastructures.

We‘ll Revisit Naira Redesign Policy.

President Bola Tinubu, has promised to revisit the naira redesign policy of the Central Bank of Nigeria (CBN).

Tinubu, however, said that his administration would treat both the old and the new naira notes as legal tender.

He said that the policy was harshly applied by CBN, given the number of unbanked Nigerians.

“Whatever merits it had in concept, the currency swap was too harshly applied by the CBN,” he said.

Tinubu said that the country’s monetary policy needed thorough housecleaning.

He urged the CBN to work toward a unified exchange rate.

“This will direct funds away from arbitrage into meaningful investment in the plant, equipment and jobs that power the real economy.

“The interest rate needs to be reduced to increase investment and consumer purchasing in ways that sustain the economy,” Tinubu assured.

Global News Network Correspondent
Global News Network Correspondenthttps://globalnewsnetwork.com.ng
GNN is a News blog based in Nigeria to educate, inform and Analyse issues of interest like Politics, Health, Solid Minerals, Energy and Power, Transportation, Defence and Security, Sports and Entertainment to our teeming audience. Stories are generated by seasoned veteran Editors and Journalists. We Say It As It Is.

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