President Tinubu has acknowledged the difficult circumstances surrounding his decision to eliminate fuel subsidies, In his broadcast, he described it as an essential measure to restore the economy and ensure that Nigeria’s wealth benefits ordinary citizens.
Reflecting on the state of the economy he inherited, which he termed “near-collapsed,” Tinubu emphasized the need for decisive action. “As a new administration, we faced a simple choice: continue business as usual and watch our nation drift, or embark on a courageous, fundamental reform path. We chose the path of reform. We chose the path of tomorrow over the comfort of today,” he stated.
The President pointed out that the previous system of subsidy payments and multiple exchange rates had disproportionately favored a small elite, leaving the majority without benefits. He remarked, “In resetting our country for sustainable growth, we ended the corrupt fuel subsidies and multiple foreign exchange rates that created massive incentives for a rentier economy.”
Tinubu assured the public that the savings from the subsidy removal are being allocated to vital sectors including education, healthcare, security, agriculture, and infrastructure. “Following the removal of the corrupt petroleum subsidy, we have freed up trillions of Naira for targeted investment in the real economy and social programs for the most vulnerable, as well as all tiers of government,” he added.
While acknowledging that these reforms have caused temporary hardships, he reassured citizens that their sacrifices are beginning to bear fruit. “I have always candidly acknowledged that these reforms have come with some temporary pains. However, the alternative of allowing our country to descend into economic chaos or bankruptcy was not an option,” he concluded.
