Nigeria’s new President, Bola Tinubu says the era of subsidy payment on fuel has ended.

Tinubu who made the assertion while delivering his inaugural speech as the 16th President of Nigeria also disclosed that his team will disclose the key aspect of the economic policy for his administration.

The fuel subsidy is gone,” Tinubu declared in his inaugural speech at the Eagle Square on Monday after he was sworn in as Nigeria’s 16th President.

His words: “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.”

Tinubu said his government shall instead channel funds into infrastructure and other areas to strengthen the economy, adding that a “unified exchange rate” is guaranteed under his administration.

He also spoke on revamping Nigeria’s economy by ensuring budgetary reforms and promised to make electricity more accessible by encouraging various state governments to participate in power generation.

Furthermore, the former Lagos State governor vowed to rid Nigeria of terrorism and criminality.

“Security shall be top of our administration,” he said, adding that he will reform security architecture, invest more in security personnel, better training and provide better equipment for security personnel.

He added that his government will review various multiple taxations.

BELOW IS THE FULL STATEMENT

President Bola Tinubu
President Bola Tinubu, on Monday, delivered his inaugural address at Eagle Square, Abuja.

The Oath of Office was administered by the Chief Justice of Nigeria, Kayode Ariwoola.

Below is the full text.

My Fellow Citizens,

I stand before you honoured to assume the sacred mandate you have given me. My love for this nation is abiding. My confidence in its people, unwavering. And my faith in God Almighty, absolute. I know that His hand shall provide the needed moral strength and clarity of purpose in those instances when we seem to have reached the limits of our human capacity.

This day is bold and majestic yet bright and full of spirit, as is our precious nation.

As a nation, we have long ago decided to march beyond the dimness of night into the open day of renewed national hope.

The question we now ask ourselves is whether to remain faithful to the work inherent in building a better society or retreat into the shadows of our unmet potential.

For me, there is but one answer. We are too great a nation and too grounded as a people to rob ourselves of our finest destiny.

This nation’s journey has been shaped by the prayers of millions, and the collective sacrifices of us all.

We have endured hardships that would have made other societies crumble.

Yet, we have shouldered the heavy burden to arrive at this SUBLIME moment where the prospect of a better future merges with our improved capacity to create that future.

To the surprise of many but not to ourselves, we have more firmly established this land as a democracy in both word and deed.

The peaceful transition from one government to another is now our political tradition. This handover symbolizes our trust in God, our enduring faith in representative governance and our belief in our ability to reshape this nation into the society it was always meant to be.

Here, permit me to say a few words to my predecessor, President Muhammadu Buhari. Mr President, you have been an honest, patriotic leader who has done his best for the nation you love. On a more personal note, you are a worthy partner and friend. May History be kind to you.

For many years, Nigeria’s critics have trafficked the rumour that our nation will break apart, even perish.

Yet here we are. We have stumbled at times, but our resilience and diversity have kept us going.

Our burdens may make us bend at times, but they shall never break us.

Instead, we stand forth as Africa’s most populous nation and as the best hope and strongest champion of the Black Race.

As citizens, we declare as one unified people devoted to one unified national cause, that as long as this world exists, NIGERIA SHALL EXIST.

Today, Fate and Destiny join together to place the torch of human progress in our very hands. We dare not let it slip.

We lift high this torch so that it might shine on every household and in every heart that calls itself Nigerian. We hold this beam aloft because it lights our path with compassion, brotherhood, and peace. May this great light never EXTINGUISH.

Our administration shall govern on your behalf but never rule over you. We shall consult and dialogue but never dictate. We shall reach out to all but never put down a single person for holding views contrary to our own.

We are here to further mend and heal this nation, not tear and injure it.

In this vein, may I offer a few comments regarding the election that brought us to this juncture. It was a hard-fought contest. And it was also fairly won. Since the advent of the Fourth Republic, Nigeria has not held an election of better quality.

The outcome reflected the will of the people. However, my victory does not render me any more Nigerian than my opponents. Nor does it render them any less patriotic.

They shall forever be my fellow compatriots. And I will treat them as such. They represent important constituencies and concerns that wisdom dare not ignore.

They have taken their concerns to court. Seeking legal redress is their right and I fully defend their exercise of this right. This is the essence of the rule of la