President Bola Tinubu has announced that the fuel subsidy will not be reinstated. He mentioned this in a national address on Sunday morning, where he emphasized the necessity of this decision, despite its painful impact.
Tinubu noted that the subsidy had become a significant burden on the nation’s economy, hindering development and progress.
President Tinubu explained, “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.”
In his speech, Tinubu also reassured citizens that law enforcement agencies are committed to protecting lives and properties in a responsible manner, stating, “Our democracy progresses when the constitutional rights of every Nigerian are respected and protected.”
He shared his vision for a prosperous Nigeria where every person enjoys peace, freedom, and a meaningful livelihood, facilitated by transparent and accountable governance.
The President highlighted that the decision to remove the fuel subsidy and abolish multiple foreign exchange systems was essential to end decades of economic mismanagement.
“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,” Tinubu asserted.
The President pointed out that these measures have curtailed the greed and profits of smugglers and rent-seekers, and stopped undue subsidies to neighboring countries. These actions are intended to strengthen Nigeria’s economy for the benefit of its citizens.
