Tinubu Rules Out Return Of Fuel Subsidy, Says Decision Painful But Necessary

President Tinubu disclosed this in a nationwide broadcast on Sunday stating that though the removal of fuel subsidy was painful, it was necessary because it had “impeded our economic development and progress.”

He also assured Nigerians that the law enforcement agencies would continue to ensure the full protection of lives and properties of innocent citizens in a responsible manner, adding that “Our democracy progresses when the constitutional rights of every Nigerian are respected and protected.”

The statement read in part “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.”