The newly inaugurated President, Bola Tinubu, has suspended fuel subsidy as his first action in office.
Tinubu who made this known on Monday during his inaugural speech noted that the scheme favours the rich more than the poor in the country.
He commended the previous administration for efforts at removing fuel subsidy, noting it can no longer justify its ever-increasing costs in the wake of dying resources.
The President revealed that his administration shall instead re-channel the funds into better investment in public infrastructure, health care, job creation, and education that will materially improve lives
"Subsidy has increasingly favoured the rich more than the poor, hence the need for its removal," he said.
On monetary policy, President Tinubu stressed the need for interest rates to be reduced to increase investment in the plant, equipment, and jobs that power the real economy.
President Tinubu promised a government that will consult and dialogue but not dictate.
He stressed that his administration will never put down the opinion of anyone even if it contradicts theirs, as Nigeria will be impartially governed according to the rule of law.
He revealed that his team shall remodel the economy to bring about growth and development through job creation and food security.
He also promised that his administration will feature women and youths prominently.
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