President Bola Tinubu has said that he could announce the end to fuel subsidy because he is not like the people who benefit from the fuel subsidy regime and broken foreign exchange policies.
The President stated this on Sunday morning in his nationwide broadcast as part of the programme of events to mark Nigeria’s 63rd Independence anniversary celebration.
He said, “At my inauguration, I made important promises about how I would govern this great nation. Among those promises, were pledges to reshape and modernize our economy and to secure the lives, liberty and property of the people.
“I said that bold reforms were necessary to place our nation on the path of prosperity and growth. On that occasion, I announced the end of the fuel subsidy.
“I am attuned to the hardships that have come. I have a heart that feels and eyes that see. I wish to explain to you why we must endure this trying moment. Those who sought to perpetuate the fuel subsidy and broken foreign exchange policies are people who would build their family mansion in the middle of a swamp. I am different. I am not a man to erect our national home on a foundation of mud. To endure, our home must be constructed on safe and pleasant ground.
“Reform may be painful, but it is what greatness and the future require. We now carry the costs of reaching a future Nigeria where the abundance and fruits of the nation are fairly shared among all, not hoarded by a select and greedy few. A Nigeria where hunger, poverty and hardship are pushed into the shadows of an ever fading past.
“There is no joy in seeing the people of this nation shoulder burdens that should have been shed years ago. I wish today’s difficulties did not exist. But we must endure if we are to reach the good side of our future.
“My government is doing all that it can to ease the load. I will now outline the path we are taking to relieve the stress on our families and households.
“We have embarked on several public sector reforms to stabilize the economy, direct fiscal and monetary policy to fight inflation, encourage production, ensure the security of lives and property and lend more support to the poor and the vulnerable.
“Based on our talks with labour, business and other stakeholders, we are introducing a provisional wage increment to enhance the federal minimum wage without causing undue inflation. For the next six months, the average low-grade worker shall receive an additional Twenty-Five Thousand naira per month.
“To ensure better grassroots development, we set up an Infrastructure Support Fund for states to invest in critical areas. States have already received funds to provide relief packages against the impact of rising food and other prices.
“Making the economy more robust by lowering transport costs will be key. In this regard, we have opened a new chapter in public transportation through the deployment of cheaper, safer Compressed Natural Gas (CNG) buses across the nation. These buses will operate at a fraction of current fuel prices, positively affecting transport fares.”
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