President Bola Tinubu has stated that the withdrawal of fuel subsidy is not negotiable, despite continuous #EndBadGovernance protests demanding their reintroduction.
The President restated his position in a televised speech to the country on Sunday.
He said that the decision to eliminate fuel subsidy was a difficult but essential step toward revitalizing the country’s economy, which had been hampered by decades of mismanagement.
According to him, the subsidy has become a substantial impediment to economic advancement, acting as a “noose around the economic jugular of our nation.”
Tinubu reassured Nigerians that law enforcement forces will continue to safeguard innocent persons’ lives and property while respecting and preserving their constitutional rights.
He reaffirmed his commitment to good administration, transparency, and accountability, imagining a thriving society in which every person may enjoy peace, freedom, and a meaningful livelihood.
The President lamented the immediate inconveniences caused by the reduction of fuel subsidy, but emphasized that it was critical to solve long-term economic issues.
“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.”
