The newly sworn in President of Nigeria, Senator Bola Ahmed Tinubu, has announced total removal of fuel subsidy from the nation’s budget.

Tinubu, who made this pronouncement in his inaugural speech on Monday, said there was no provision for subsidy in the 2023 budget he inherited from his predecessor, former President Muhammadu Buhari.

He said: “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.”

However, total subsidy removal might lead to increase in the pump price of petroleum products, which Nigerians fear will make the country’s weak economy more vulnerable.