President Bola Ahmed Tinubu has announced that the regime of fuel subsidy is gone.

Tinubu made the pronouncement during his inauguration speech at the Eagle Square today.

He said that based on the budget he has seen, there is no provision for subsidy.

He said the money expended on subsidy would rather be used on other areas that would have a bearing on the lives of Nigerians.

With the pronouncement byTinubu, there are likely to be long queues in filling stations because the regime of subsidy ends this month end. This will also cause the price of fuel to escalate.

in March this year, the Group Chief Executive of Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, said the landing cost of petrol has risen to N315/litre.

He said “Today, by law and the provisions of the Appropriation Act, there is a subsidy on the supply of petroleum products, particularly PMS imports into our country. In current data terms, three days ago, the landing cost was around N315/litre.

“Our customers are here; we are transferring to each of them at N113/litre. That means there is a difference of close to N202 for every litre of PMS we import into this country. In computation, N202 multiplied by 66.5 million litres, multiplied by 30 will give you over N400bn of subsidy every month,” Kyari said.

Tinubu also told the Central Bank of Nigeria (CBN) to unify the exchange rate.

The wide gap between the parallel and official exchange market rates has been largely blamed for the low influx of Foreign Direct Investments (FDI) into the country.

Tinubu also said his target is to have a 6% growth of the Gross Domestic Product.

Tinubu’s Inauguration 

Tinubu becomes the 16th president of the Federal Republic of Nigeria.

The inauguration took place at expansive space called the Eagle Square in Nigeria’s capital city Abuja, Monday May 29, 2023. It was Beautifully decorated with the green-white-green colours of the nation.
President Muhammadu Buhari handed over to his party man who won the February 25 presidential poll.
There were heavy security at the venue for the auspicious and remarkable event where Tinubu, 71, will be sworn in as Nigeria’s next leader after Buhari’s eight-year administration.
Scores of operatives of the joint security team comprising the Department of State Services, the Nigeria Police Force, the Nigerian Army and other paramilitary agencies were seen at the venue on Sunday evening. Fully armed, law enforcement agents were seen with different breeds of sniffer dogs in preparation for the main moment.
Scores of patrol vans were also been strategically positioned in and around Eagle Square with aerial and ground surveillance being discreetly carried out by security agencies.
The Inspector General of Police, Usman Baba, who inspected the readiness of his men at the venue said “We are prepared 100%” and will improve on preparation for crowd control.

Tinubu, the President-Elect and candidate of the ruling All Progressives Congress (APC) in the keenly contested February poll was inaugurated alongside the Vice-President-Elect, Kashim Shettima.

The Chief Justice of Nigeria, Justice Olukayode Ariwoola administered the oath of office on Tinubu and Shettima in the presence of Buhari and his outgoing deputy, Vice-President Yemi Osinbajo.
“I, Bola Ahmed Tinubu, do solemnly swear that I will not allow my personal interests to influence my official conduct or decisions… So help me, God.”, Tinubu takes oath.

Days earlier, Buhari showed Tinubu around the Aso Villa, Nigeria’s presidential residence while Osinbajo took Shettima on a tour of the Vice President wing of the Villa also known as the Aso Rock.

Also, Tinubu had on Thursday received transition documents from Buhari ahead of the May 29 inauguration just as Buhari conferred the national honours of Grand Commander of the Federal Republic (GCFR) and Grand Commander of the Order of Niger (GCON) on Tinubu and Shettima respectively.

At the poll, Tinubu came out tops in 12 of Nigeria’s 36 states and secured significant numbers in several other states to claim the highest number of votes — 8,794,726, almost two million votes more than his closest rival — former Vice President Atiku Abubakar of the Peoples Democratic Party (PDP).

Abubakar, 76, who has now run for president six times, got 6,984,520 votes, while the candidate of the Labour Party (LP), Peter Obi, who, in less than a year, galvanised young voters in a manner some have described as unprecedented finished the race with 6,101,533.

Both Atiku and Obi are in court challenging the victory of Tinubu and his declaration as the winner by the Independent National Electoral Commission.

Tinubu, who based his campaign on an 80-page manifesto which highlights an eight-point agenda, promised to be fair to all Nigerians.

“I promise Nigerians that the unity of this country is not negotiable. That is what Mike and I are promoting jointly. I promise I will be fair to all,” he said in Rivers State on May 4, 2023.