- President Bola Tinubu has justified the removal of fuel subsidy
- He said Nigeria would have gone bankrupt without the administration’s swift action and other economic reforms
- Tinubu said economic reforms are already yielding results
President Bola Tinubu has justified the removal of fuel subsidy in May 2023, saying Nigeria faced imminent bankruptcy at the time.
Tinubu said his administration salvaged the situation by swiftly ending the fuel subsidy regime and implemented crucial economic reforms, stressing that his actions were motivated by the need to protect the interests of future generations.
The president stated this on Thursday, March 13, when he received a delegation of former National Assembly colleagues from the aborted Third Republic at the State House in Abuja.
He also stressed that democracy remains the surest path to achieving economic, social, and political development.
The details of the parley were disclosed by the Special Adviser to the President on Information and Strategy, Bayo Onanuga, in a statement titled, ‘For 50 years, we were spending the money of generations yet unborn: President Tinubu.’
“For 50 years, Nigeria was spending money of generations yet unborn and servicing the West coast of our sub-region with fuel.
“It was getting difficult to plan for our children’s future.
“We faced serious headwinds when I took over; very challenging times.
“Nigeria would have been bankrupt if we had not taken the actions that we took, and we had to prevent the economy’s collapse,” President Tinubu said.
Economic reforms are yielding results – Tinubu
The president further commended Nigerians for supporting the administration’s economic reforms, which he said have started yielding results.
He cited the results to include a stable exchange rate and lower food prices, especially during Ramadan.
“Today, we are sitting pretty on a good foundation; we have reversed the problem.
“The exchange rate is stabilising, food prices are coming down, especially during Ramadan. We will have light at the end of the tunnel,” he added.
Delegation commends Tinubu’s initiatives
The delegation praised the president for his administration’s initiatives, describing them as impactful.
Senator Emmanuel Nwaka, who spoke on behalf of the delegation, cited the Nigerian Education Loan Fund and the Nigerian Consumer Credit Corporation, saying the programmes are capable of alleviating both educational burdens and financial stress.
“I appreciate you for what you are giving to students because the student population is the largest demographic in the country. I’ve spoken with many of them, and many have benefited from it.
“And the next one is the CREDICORP. That’s a major way of fighting corruption. You see a young man, you come out of school, you want to buy a car, you have to put down cash, you want to buy a house, and you are not married, but with the CREDICORP, you can get things done. I’m following their activities; we are delighted,” he said.
Other members of the delegation were Senator Bako Musa, Terwase Orbunde, Hon. Wasiu Logun, Amina Aliyu, Obi Anoliefo, and Eze Nwauwa.
No regrets over subsidy removal, tax reforms will proceed, Tinubu says
Meanwhile, TheRadar earlier reported that President Bola Tinubu made it clear that there is no turning back on his administration’s tax reform plans, which have sparked significant controversy across the country.
Speaking during a media chat in Lagos on Monday, December 23, Tinubu stressed that the reforms were necessary to eliminate colonial-era assumptions in Nigeria’s tax system and were part of his broader economic agenda.
