President Bola Tinubu has scrapped the payment of fuel subsidy, saying the expenditure is not captured in this year’s budget.
Mr Tinubu announced this on Monday at the Eagle Square where his inauguration as president took place.
“The fuel subsidy is gone,” Tinubu proclaimed while delivering his inaugural speech, promising to channels funds into infrastructure.
He also said that his administration, will discourage corruption, prioritise security while strengthening the economy by ending extreme poverty.
“Security shall be top of our administration,” he said, vowing to revamp the sector, invest more in security personnel, better training and provide better equipment for security personnel.
