President Bola Tinubu has ruled out the return of fuel subsidy, saying the decision to remove it was painful but necessary.
In a nationwide broadcast on Sunday, Tinubu stated that the fuel subsidy had constituted a noose around the economic “jugular of our nation and impeded our economic development and progress.”
The President emphasized that his administration’s decision to remove fuel subsidy and abolish multiple foreign exchange systems was necessary to reverse decades of economic mismanagement.
He noted that these actions blocked the greed and profits of smugglers and rent-seekers, and also blocked undue subsidies to neighboring countries, which had rendered the economy prostrate.
Tinubu assured Nigerians that he is focused on delivering good governance and that the economy is recovering.
He warned against ethnic bigotry and divisive rhetoric under the guise of protest, and emphasized that law enforcement agencies will continue to ensure the protection of lives and properties of innocent citizens.
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“My vision for our country is one of a just and prosperous nation where each person may enjoy the peace, freedom, and meaningful livelihood that only democratic good governance can provide – one that is open, transparent, and accountable to the Nigerian people,” Tinubu said.
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