President Tinubu Announces End of Fuel Subsidies and Outlines Economic Reform Measures
President Bola Ahmed Tinubu declared the termination of fuel subsidies on 29 May 2023 and detailed a series of policy actions aimed at stabilising Nigeria’s economy.
President Bola Ahmed Tinubu announced that fuel subsidies were ended on 29 May 2023, moments after taking the oath of office, according to AllAfrica.
His administration moved to remove fuel subsidies, unify exchange rates through the Central Bank of Nigeria, and implement fiscal and monetary adjustments designed to restore macroeconomic stability, AllAfrica reported.
Tinubu defended the economic reforms, saying the measures have restored stability to Nigeria’s economy, reported by pmnewsnigeria.com.
He said the reforms were designed to secure Nigeria’s economic freedom and place the country on a path of sustainable growth, and that they were not chosen for ease but for necessity, pmnewsnigeria.com noted.
Tinubu added that his government was compelled to undertake the reforms after inheriting an economy burdened by fiscal strain, weak investor confidence and mounting uncertainty, and he acknowledged the hardship currently faced by many citizens, pmnewsnigeria.com reported.
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