President Tinubu, in a recent nationwide broadcast, maintained his stance against reinstating the fuel subsidy despite significant public pressure. Tinubu emphasized that the decision to eliminate the subsidy, though challenging, was crucial for the nation’s economic health and development......Read The Full Article>>.....Read The Full Article>>
President Tinubu detailed the severity of the situation, stating, “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.” This explanation underscores his belief that Nigeria’s economic issues are deep-rooted and cannot be resolved through short-term measures like the fuel subsidy.
He further justified his decision, noting, “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.” Tinubu portrayed these measures as essential for breaking free from constraints that have hindered economic progress, describing the subsidies and foreign exchange systems as major obstacles.
The President continued by addressing the benefits of his actions: “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 prostrate.” He highlighted how the subsidies had facilitated corruption and unfairly benefited neighboring countries at Nigeria’s expense.
In closing, Tinubu acknowledged his accountability, stating, “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.” This statement reaffirms his commitment to effective governance and his responsibility for the decisions made despite the ongoing criticism.
