It has been a year since President Bola Ahmed Tinubu announced the removal of the subsidy on petroleum products.

On Monday, May 29, 2023, the president mentioned in his inaugural speech at Eagle Square, Abuja, shortly after being sworn in as the 16th President of Nigeria, that "Subsidy is gone."

According to him, there was no provision for subsidy in the national budget starting from 2023, which was during the era of President Muhammadu Buhari, and therefore it has been removed.

During his inauguration, Tinubu revealed that his administration aims for a minimum GDP growth of six percent annually.

He also promised to lead the country with "compassion and amity towards all."

"In the economy, we will target a minimum of 6 percent GDP growth. This will be achieved through budgetary reforms, increased domestic manufacturing, and reduced importation," Tinubu stated in his inaugural address at Eagle Square, Abuja.

He promised to boost foreign direct investment by addressing complaints about multiple taxations.

"To our foreign investors, our government will address all concerns regarding multiple taxations. All businesses will be allowed to repatriate their hard-earned profits back home," Tinubu added.