President Bola Tinubu has acknowledged the pain caused by the removal of the petrol subsidy but defended the decision as a necessary measure to remove what had become a noose on the nation. He made this statement during his national broadcast on Sunday morning following the #EndBadGovernance protest.
“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,” President Tinubu said.
He explained that these actions blocked the greed and profits of smugglers and rent-seekers and stopped the undue subsidies extended to neighboring countries at the expense of Nigeria’s economy.
“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 highlighted the progress made by his administration over the past 14 months, stating, “Our government has made significant strides in rebuilding the foundation of our economy to carry us into a future of plenty and abundance.”
