Nigerian new leader, Bola Tinubu causes inaugural blunder, subsidy removal plan, queues return on fuel price

The new Nigerian leader, Bola Tinubu had earlier on Monday, in Abuja, affirmed that his administration would not continue to pay subsidy on petroleum products.

On his economic agenda for the next four years, Tinubu said his administration would target a minimum annual GDP growth of six percent. To do this, the new government will enact budgetary and tax reforms that will boost the economy and address multiple taxation that stymies foreign direct investment. He made the following claims:

“On the economy, we target a higher GDP growth and to significantly reduce unemployment. We intend to accomplish this by taking the following steps: First, budgetary reform stimulating the economy without engendering inflation will be instituted"

“Second, industrial policy will utilize the full range of fiscal measures to promote domestic manufacturing and lessen import dependency"

“Third, electricity will become more accessible and affordable to businesses and homes alike. Power generation should nearly double and transmission and distribution networks improved. We will encourage states to develop local sources as well.”

To foreign and local investors, he said “Our government shall review all their complaints about multiple taxation and various anti-investment inhibitions. We shall ensure that investors and foreign businesses repatriate their hard-earned dividends and profits home.”

But immediately after his address the price of fuel in Nigeria rose to a rocket high .