President Bola Tinubu has reaffirmed that his administration’s decision to remove fuel subsidies and abolish multiple foreign exchange rates was a deliberate step to reset Nigeria’s economy on a path of sustainable growth and inclusive development.
Speaking in his Independence Day address to mark Nigeria’s 65th anniversary, Tinubu described the discontinued policies as corrupt systems that enriched a privileged minority while depriving the majority of citizens.
“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 his government had redirected resources to critical sectors, including education, healthcare, national security, agriculture, infrastructure, and social investment programmes, with the aim of improving citizens’ welfare.
He added that these reforms are already empowering federal, state, and local governments to better respond to people’s needs.
“As a result of the tough decisions we made, the Federal and State governments, including Local Governments, now have more resources to take care of the people at the lower level of the ladder, to address our development challenges,” Tinubu noted.
While acknowledging the sacrifices demanded by the reforms, the President assured Nigerians that the long-term benefits would outweigh the short-term pains, stressing his commitment to building a fairer and more prosperous nation.
It would be recalled that during his inaugural speech on May 29, 2023, at Eagle Square, Tinubu announced the removal of fuel subsidy, clarifying that no allocation for subsidy was included in the national budget from June 2023.
