BREAKING: My decision to remove fuel subsidy was painful, yet necessary to block greedy Nigerians- Tinubu
Kunle Sanni
President Bola Tinubu says his decision on the removal of fuel subsidies and the abolishing of multiple foreign exchange systems were necessary.
Tinubu, who said this Sunday while addressing Nigerians in a live broadcast speech on NTA, said the decisions were taken for the sake of now and the unborn generations.
The live speech was in reaction to the ongoing protest by some groups of the #EndBadGovernanceInNigeria protests.
In his inaugural speech on May 29 of last year, President Tinubu declared the withdrawal of subsidies, citing the absence of any such provisions in the 2023 Appropriation Act. As a result, the price of petrol skyrocketed by approximately 200 per cent, from around N200 to over N500.
Following the action, many Nigerians have complained that the policies have caused untold hardship. In the chatter of demands, the protesters have called for the cancellation of the fuel subsidy.
But Tinubu said Nigeria could no more afford to continue the use of temporary solutions to solve long-term problems.
He stated: “For decades, our economy has remained anaemic and taken a dip because of many misalignments that have stunted our growth. Just over a year ago, our dear country, Nigeria, reached a point where we couldn’t afford to continue the use of temporary solutions to solve long-term problems for the sake of now and our unborn generations.
“I therefore took the painful yet necessary decision to remove fuel subsidies and abolish multiple foreign exchange systems which had constituted a noose around the economic jugular of our Nation and impeded our economic development and progress.”
He also said the action was to block the greed and the profits that smugglers and rent-seekers made.
“These actions blocked the greed and the profits that smugglers and rent-seekers made. They also blocked the undue subsidies we had extended to our neighbouring countries to the detriment of our people, rendering our economy prostate.
“These decisions I made were necessary if we must reverse the decades of economic mismanagement that didn’t serve us well. Yes, I agree, the buck stops on my table. But I can assure you that I am focused fully on delivering the governance to the people – good governance for that matter,” the president said.
