Tinubu removes fuel subsidy
*Promises to review naira redesign policy, unify exchange rate, urges state to generate own electricity President Bola Ahmed Tinubu said yesterday that the era of petrol subsidy is over, because it is unsustainable. He also promised to review the naira re-design policy of the immediate past administration and unify the country’s exchange rate windows. In his inaugural speech at Eagle Square, Abuja, President Tinubu, who said Nigerians had endured hardship that would have made other societies crumble, assured that the mandate given to him was not misplaced and that he would govern and not rule. He said the recent currency swap introduced by the Central Bank of Nigeria, CBN, was too harshly implemented, given the number of unbanked Nigerians. He said the policy will be reviewed and that his administration will treat both the old and new currencies as legal tender. Speaking on fuel subsidy removal, Tinubu contended that since there was no provision for subsidy in the budget after Jun...