In a nationwide broadcast on Sunday, President Bola Tinubu addressed the ongoing protests and concerns surrounding the removal of fuel subsidies in Nigeria.
Despite the outcry and economic challenges, the President reaffirmed his stance, calling the decision a necessary step for the nation’s long-term economic health.
President Bola Tinubu firmly ruled out the return of fuel subsidies, describing the move as painful yet essential for Nigeria’s economic revitalization.
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In his speech, he emphasized that the subsidies had become unsustainable, benefiting smugglers and neighboring countries at the expense of Nigerian citizens. “The fuel subsidy had become a hindrance to our country’s economic progress, constituting a ‘noose around the economic jugular of our Nation,'” Tinubu said.
Addressing the ongoing #EndBadGovernance protests, Tinubu acknowledged the hardships faced by Nigerians due to rising fuel costs but urged the public to bear with the government. He assured that measures are being implemented to cushion the impact, including the distribution of 200,000 metric tonnes of grains and significant investments in agricultural inputs and mechanized farming. “I understand the economic burden this places on you, and we are taking steps to mitigate the effects,” he said.
The President highlighted several initiatives aimed at alleviating economic pressures. These include the introduction of compressed natural gas (CNG) conversion kits to reduce transportation costs and the establishment of a Consumer Credit Corporation to aid citizens in acquiring essential products without immediate cash payments. “This will save more than N2 trillion a month, which will be re-invested in healthcare, education, and infrastructure,” Tinubu explained.
Tinubu also mentioned the significant progress in student loans and housing projects aimed at improving living standards for all Nigerians. He noted that N45.6 billion has already been processed for student loans and emphasized the government’s commitment to creating affordable housing units across the nation.
While some citizens and experts support the removal of subsidies as a step towards economic stability, others criticize the decision for exacerbating the cost of living and not fully addressing the protesters’ concerns. “We shall re-channel the funds into better investment in public infrastructure, education, healthcare, and jobs that will materially improve the lives of millions,” Tinubu stated, underscoring his commitment to transparent and accountable governance.
