I Inherited A Budget That Phased Out Fuel Subsidy Regime – Tinubu

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Commends Buhari’s Decision

It appears Nigeria’s newly sworn-in President Bola Ahmed Tinubu is making good his promise to hit the ground running, as soon as he assumed office.

This is coming as President Tinubu on Monday, foisted a fait accompli on the nation, by officially aligning and accepting his predecessor, Muhammadu Buhari decision to phase out the petrol subsidy regime.

Tinubu made the announcement in his inauguration speech at the Eagle Square in Abuja.

He noted that there was no provision for fuel subsidy in the budget he inherited from the immediate past President Muhammadu Buhari.

The administration of former President Buhari had tactical phased out the subsidy regime in 2023 appropriation bill passed by the National Assembly.

Announcing the development, Tinubu said money being spent on subsidy will now be channelled to other avenues, especially education, health, public transportation, and infrastructure.

His words; “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. We shall instead re-channel the funds into better investment in public infrastructure, education, healthcare and jobs that will materially improve the lives of millions,” he said.

Asiwaju had during his campaign told Nigerians that the fuel subsidy regime was no longer serving its purpose.

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