Removing Corrupt Petroleum Subsidy Was A Tough, But Necessary Decision – President Tinubu Opens Up.
President Bola Tinubu, on Wednesday, admitted that it was not an easy decision to end the controversial fuel subsidy regime in Nigeria.
Removing Corrupt Petroleum Subsidy Was A Tough, But Necessary Decision - President Tinubu Opens Up
He, however, added that it was a necessary and timely decision needed to save Nigeria’s economy from total collapse.
President Tinubu made the acknowledgement during his nationwide broadcast to Nigerians on the occasion of the country’s 65th Independence Anniversary celebration.
It would be recalled that President Tinubu, on May 29, 2023, right from the venue of his inauguration, declared an end to the fuel subsidy regime, prompting an immediate rise in the price of petrol, heightened inflation and other economic pressures.
Addressing the issue during his speech on Wednesday, Tinubu stated that the fuel subsidy regime was a corrupt system that needed to be abolished. He added that since the removal of fuel subsidy, the accruing financial resources have been deployed to other areas of development in the country.
“As a new administration, we faced a simple choice: continue business as usual and watch our nation drift, or embark on a courageous, fundamental reform path. We chose the path of reform. We chose the path of tomorrow over the comfort of today.
“In resetting our country for sustainable growth, we ended the corrupt fuel subsidies and multiple foreign exchange rates that created massive incentives for a rentier economy, benefiting only a tiny minority. At the same time, the masses received little or nothing from our commonwealth,” he said.
The President explained that the money saved from subsidy removal was channelled to other key areas, education, healthcare, security, agriculture, and infrastructure, areas he said would improve the lives of Nigerians.
“Following the removal of the corrupt petroleum subsidy, we have freed up trillions of Naira for targeted investment in the real economy and social programmes for the most vulnerable, as well as all tiers of government.
President Bola Tinubu, on Wednesday, admitted that it was not an easy decision to end the controversial fuel subsidy regime in Nigeria.
Removing Corrupt Petroleum Subsidy Was A Tough, But Necessary Decision - President Tinubu Opens Up
He, however, added that it was a necessary and timely decision needed to save Nigeria’s economy from total collapse.
President Tinubu made the acknowledgement during his nationwide broadcast to Nigerians on the occasion of the country’s 65th Independence Anniversary celebration.
It would be recalled that President Tinubu, on May 29, 2023, right from the venue of his inauguration, declared an end to the fuel subsidy regime, prompting an immediate rise in the price of petrol, heightened inflation and other economic pressures.
Addressing the issue during his speech on Wednesday, Tinubu stated that the fuel subsidy regime was a corrupt system that needed to be abolished. He added that since the removal of fuel subsidy, the accruing financial resources have been deployed to other areas of development in the country.
“As a new administration, we faced a simple choice: continue business as usual and watch our nation drift, or embark on a courageous, fundamental reform path. We chose the path of reform. We chose the path of tomorrow over the comfort of today.
“In resetting our country for sustainable growth, we ended the corrupt fuel subsidies and multiple foreign exchange rates that created massive incentives for a rentier economy, benefiting only a tiny minority. At the same time, the masses received little or nothing from our commonwealth,” he said.
The President explained that the money saved from subsidy removal was channelled to other key areas, education, healthcare, security, agriculture, and infrastructure, areas he said would improve the lives of Nigerians.
“Following the removal of the corrupt petroleum subsidy, we have freed up trillions of Naira for targeted investment in the real economy and social programmes for the most vulnerable, as well as all tiers of government.
Removing Corrupt Petroleum Subsidy Was A Tough, But Necessary Decision – President Tinubu Opens Up.
President Bola Tinubu, on Wednesday, admitted that it was not an easy decision to end the controversial fuel subsidy regime in Nigeria.
Removing Corrupt Petroleum Subsidy Was A Tough, But Necessary Decision - President Tinubu Opens Up
He, however, added that it was a necessary and timely decision needed to save Nigeria’s economy from total collapse.
President Tinubu made the acknowledgement during his nationwide broadcast to Nigerians on the occasion of the country’s 65th Independence Anniversary celebration.
It would be recalled that President Tinubu, on May 29, 2023, right from the venue of his inauguration, declared an end to the fuel subsidy regime, prompting an immediate rise in the price of petrol, heightened inflation and other economic pressures.
Addressing the issue during his speech on Wednesday, Tinubu stated that the fuel subsidy regime was a corrupt system that needed to be abolished. He added that since the removal of fuel subsidy, the accruing financial resources have been deployed to other areas of development in the country.
“As a new administration, we faced a simple choice: continue business as usual and watch our nation drift, or embark on a courageous, fundamental reform path. We chose the path of reform. We chose the path of tomorrow over the comfort of today.
“In resetting our country for sustainable growth, we ended the corrupt fuel subsidies and multiple foreign exchange rates that created massive incentives for a rentier economy, benefiting only a tiny minority. At the same time, the masses received little or nothing from our commonwealth,” he said.
The President explained that the money saved from subsidy removal was channelled to other key areas, education, healthcare, security, agriculture, and infrastructure, areas he said would improve the lives of Nigerians.
“Following the removal of the corrupt petroleum subsidy, we have freed up trillions of Naira for targeted investment in the real economy and social programmes for the most vulnerable, as well as all tiers of government.
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