In a recent nationwide address, President Tinubu addressed the issue of fuel subsidies. Despite widespread calls to bring them back, he stood firm in his decision to keep them removed.

President Tinubu acknowledged that the removal of the fuel subsidy was a difficult and painful choice. However, he explained that it was a necessary step to protect the nation’s economy. He stated that the subsidy had been choking Nigeria’s economic growth and progress. According to him, the subsidy was allowing a few greedy individuals to benefit at the expense of the country’s overall development.

President Tinubu says,

‘’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. 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.

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. 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.”

By removing the subsidy, President Tinubu believes that Nigeria can pave the way for sustainable economic development and a fairer distribution of resources.