PRESIDENT Bola Tinubu has categorically declared that there would no longer be subsidy on petrol as the current 2023 budget he glimpsed does not contain it, thereby setting a stage for direct confrontation with organised labour in his inaugural address.
President Tinubu was sworn in on Monday at the Eagle Square, Abuja, and in his address, he stated among other things that funds for subsidies will be diverted to other areas like public infrastructure, education, healthcare and job creation.
“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, health care and jobs that will materially improve the lives of millions,” he said adding that “subsidy is gone”.
