On Monday in Abuja, President Bola Tinubu declared that his administration would end the subsidy on petroleum products.

“Subsidy is gone” Tinubu exclaimed during his inaugural address at Eagle Square, Abuja, shortly after he was sworn in as the 16th President of Nigeria.

According to the president, subsidies were not included in the national budget as of June 2023, so they were eliminated.

On Monday in Abuja, Tinubu said during his inaugural speech that his administration’s minimum GDP growth target is 6% per year.

Additionally, he pledged to govern the nation with “compassion and amity toward all.”

“In the economy, we’ll target not less than 6 per cent growth in GDP growth. We’ll do this through budgetary reforms. We’ll use a full range of domestic manufacturing and lessen importation,” Tinubu said in his inaugural address at Eagle Square, Abuja.

He committed to evaluate any concerns about numerous taxes in order to increase foreign direct investment.

“Our administration will examine all concerns about various taxes, as promised to our foreign investors. All firms would be permitted to bring their hard-earned profits home, added Tinubu.

The former Lagos governor and vice president Kashim Shettima had taken the oath of office as Nigeria’s 16th president almost an hour earlier.