In a nationwide broadcast this morning, President Bola Tinubu addressed the ongoing protests across Nigeria, which began on Thursday with citizens demanding an end to bad governance, among other issues.
Despite the public outcry that followed Tinubu’s decision to remove fuel subsidy on his first day as Nigeria’s president, he defended his administration’s decision to remove it, describing it as ”a necessary step for Nigeria’s economic recovery”.
Nigeria has a long history of fuel subsidies, intended to keep fuel prices affordable for its citizens. However, these subsidies have often been criticized for being costly, unsustainable, and prone to misuse. The current administration under President Bola Tinubu has stated that it has eliminated these subsidies as part of broader economic reforms aimed at reducing government expenditure and reallocating resources to other critical areas.
Current Situation
Despite official claims that the fuel subsidy has been removed, rumors persist that the government may still be indirectly subsidizing fuel, potentially at higher costs than before. These rumors are fueled by reports of increased government spending and fluctuations in fuel prices that do not align with global market trends.
The Nigerian public has expressed skepticism about the government’s claims, with many citizens feeling the pinch of higher fuel prices and the resulting inflation. Critics argue that the removal of the subsidy has led to increased transportation and living costs, disproportionately affecting lower-income families.
During his broadcast this morning to address the Nigerians amidst the EndBadGovernance protests, President Tinubu argued that, although painful, the removal of the fuel subsidy was crucial to breaking the “noose around the economic jugular of our Nation,” which has impeded economic development and progress.
“For decades, our economy has remained anemic 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.”
The President emphasized that these measures were essential to curbing the profits of smugglers and rent-seekers and to halting the undue subsidies that had inadvertently benefited neighboring countries at Nigeria’s expense. He acknowledged the weight of responsibility, affirming his commitment to providing effective governance.
“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,”.
President Tinubu’s address comes amid heightened tensions, as Nigerians continue to voice their frustration and demand reforms that will lead to sustainable economic growth and improved governance.
There are rumors the administration still pays subsidy, higher than we Nigerian were paying before, but the presidency insists fuel subsidy is gone
Read the Full text of President Tinubu’s 7am broadcast to Nigerians Here.
