Tinubu says no to fuel subsidy, naira swap

President of Nigeria, Bola Tinubu, has said he is not disposed to fuel subsidy.

Tinubu, who said this on Monday in his inaugural speech after he was sworn in at the Eagle Square in Abuja, explained that the budget he met on ground had no provision for fuel subsidy, hence none would be sought.

He said, “The gains made from the withdrawal of fuel subsidy will be applied to other pressing areas.”

He listed such areas as education, agriculture and provision of critical infrastructures.

The President also noted that the naira redesign policy of the Central Bank of Nigeria was too harsh, adding that he would review it.

He stated that both old and new naira notes would continue to function as legal tender.

He said, “Whatever merit it had in concept, the currency swap was too harshly applied by the CBN given the number of unbanked Nigerians.”