Tinubu Promises To End Fuel Subsidy If Elected President

6 Key Points From President Tinubu's Speech

Bola Tinubu, the presidential aspirant of the All Progressives Congress (APC), has promised to end fuel subsidy should he be elected to succeed President Muhammadu Buhari in 2023.

Speaking during a town hall meeting with the business community/organise private sector (OPS), Tinubu also told members of the private sector that his administration would reinvent Nigeria’s industrialisation and make the country a leader in the fourth industrial revolution by accelerating the production of made-in-Nigeria goods.

“I am determined to give you affordable and reliable power to light the entire economy as we cannot produce without constant electricity. We have what it takes to bring it to you all; we have the gas, sun, wind, and water. As for petroleum subsidy, it has to be removed and my administration would see to the implementation of the Petroleum Industry Act (PIA),” he said.

The APC presidential candidate said his administration would carry out large-scale infrastructural renewal in a manner that would enable the country maintain a minimum of six per cent Gross Domestic Product (GDP) growth. He also promised that his administration would collaborate with the Central Bank of Nigeria (CBN) and the commercial banks to spur a massive consumer credit revolution in the economy.

Tinubu told the private sector players at the meeting, “We have to revive our industry. We shall bring the nation’s industrial policy to life. Key to this is our aim to create major and minor industrial hubs in each geopolitical zone.

“We shall not be satisfied by bolstering traditional sectors. We will foster productive excellence in new areas, such as light manufacturing and the Nollywood entertainment sector.

“Through active participation in the digital economy, we shall make Nigeria a leader, instead of a bystander, in the fourth industrial revolution.

“We must target double digit GDP and in the minimum six per cent economic growth to begin to reduce the poverty rate and I am determined to accomplish that.”

He also pledged to promote the agricultural sector by continuing to press for “reforms in the sector that will increase productivity, improve farm incomes while lowering food prices and bringing enough food to the tables of ordinary people.”

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