President Bola Tinubu has firmly stated that there will be no reversal on the removal of fuel subsidies and the floating of the Naira, despite ongoing protests.
Addressing the nation on Sunday, President Tinubu reiterated his administration’s commitment to these economic reforms, which he believes are crucial for Nigeria’s long-term financial stability and growth.
The removal of fuel subsidies and the decision to allow the Naira to float freely in the foreign exchange market have been contentious issues, sparking widespread protests across the country.
Many Nigerians have expressed concerns over the immediate impact of these policies, particularly the rise in fuel prices and the subsequent increase in the cost of living.
The President in a Nationwide broadcast told the protesters that, “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.
“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.”
He said 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.”