President Bola Tinubu has ruled out reinstating fuel subsidies despite demands from the ongoing #EndBadGovernance protesters. In a nationwide broadcast on Sunday, he explained that the decision to remove the subsidy was painful but necessary for the country’s economic development.
The President stated that the fuel subsidy had become a hindrance to the country’s economic progress, constituting a “noose around the economic jugular of our Nation.” He emphasized that the removal of the subsidy was a crucial step towards addressing decades of economic mismanagement.
Tinubu assured protesters that law enforcement agencies would continue to protect the lives and properties of innocent citizens in a responsible manner. He reiterated his commitment to democratic good governance, emphasizing that his vision for Nigeria is a just and prosperous nation where every person can enjoy peace, freedom, and a meaningful livelihood.
The President acknowledged that the decision to remove fuel subsidies was difficult but necessary for the country’s long-term progress. He highlighted the need to address decades of economic misalignment, which had stunted Nigeria’s growth.
Tinubu explained that the removal of fuel subsidies and multiple foreign exchange systems had blocked the profits of smugglers and rent-seekers and extended undue subsidies to neighbouring countries. He emphasized that these decisions were necessary to reverse decades of economic mismanagement.
The President said he took full responsibility for his decisions, assuring Nigerians that he was focused on delivering good governance. He emphasized his commitment to transparency, accountability, and openness, ensuring that the government serves the people.
The return of the fuel subsidy was one of the demands of the organisers of the hunger protests. Among many demands, the protesters are asking the president to fix the price of petrol to N100 in the country, a demand which will require a huge subsidy to achieve.
