By Goodluck Ikiebe in Abuja
President Bola Ahmed Tinubu has said there would be no more fuel subsidies in the country.
The President disclosed this d on Monday in his inaugural speech after he was sworn in at Eagle Square in Abuja.
Tinubu told the gathering that the budget he met on the ground had no provision for fuel subsidy, hence none would be sought.
He said the gains made from the withdrawal of fuel subsidy would be applied to other pressing areas.
President Tinubu listed such areas as Education, Agriculture, and the provision of critical infrastructures.
President Bola Tinubu promised to revisit the naira redesign policy of the Central Bank of Nigeria (CBN), promising that his administration would treat both the old and the new naira notes as legal tender.
He said that the policy was harshly applied by CBN, given the number of unbanked Nigerians.
“Whatever merits it had in concept, the currency swap was too harshly applied by the CBN,” he said.
Tinubu, who noted that the country’s monetary policy needed thorough housecleaning,.urged the CBN to work toward a unified exchange rate.
“This will direct funds away from arbitrage into meaningful investment in the plant, equipment, and jobs that power the real economy.
“The interest rate needs to be reduced to increase investment and consumer purchasing in ways that sustain the economy,” Tinubu assured.
Edited by Dada Ahmed.
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