Why I Removed Fuel Subsidy— President Tinubu

Posted by Nwa Diokpa Featured, Latest Headlines, News Across Nigeria Friday, June 30th, 2023

(AFRICAN EXAMINER) – President Bola Tinubu has again explained the reasons he removed the controversial fuel subsidy, which has led to the high cost of petroleum across the country.

The African Examiner recalls that on Monday, May 29, 2023, President Tinubu while delivering his first speech as Nigeria’s President, Tinubu announced that ‘subsidy is gone.’

This announcement led to a rise in the price of petrol as fuel prices jumped from ₦185 to over ₦500 in many parts of the country.

Speaking in Lagos on Thursday, June 29, 2023, when he was hosted by Governor Babajide Sanwo-Olu, at the Lagos House, Marina, Tinubu stated that he removed the fuel subsidy to stop the bleeding in the nation’s finances.

“Nigeria can’t afford to be Father Christmas to other countries. We can’t just afford to continue paying the subsidy,” he said.

The former Lagos State governor also disclosed that Nigerians elected him to bring about “necessary changes that will benefit not only you but your grandchildren and our tomorrow”.

Tinubu also assured Nigerians that his administration would reengineer the country’s financial system and make sure that transparency in economic planning and budgetary process.
He added: “From there, we must re-engineer the effectiveness of control and management of our resources in order to meet the obligation owed to Nigerians by politicians.”