President Bola Tinubu has said that the removal of fuel subsidy is non-negotiable, despite the ongoing #EndBadGovernance protests demanding its reinstatement.
The President reiterated his stance in a televised address to the nation on Sunday.
He explained that the decision to end fuel subsidy was a painful but necessary step to revitalize the country’s economy, which has been hindered by decades of mismanagement.
According to him, the subsidy had become a significant obstacle to economic progress, constituting a “noose around the economic jugular of our nation.”
Tinubu assured Nigerians that law enforcement agencies would continue to protect the lives and properties of innocent citizens, while also respecting and upholding their constitutional rights. He reiterated his commitment to good governance, transparency, and accountability, envisioning a prosperous nation where every citizen can enjoy peace, freedom, and a meaningful livelihood.
The President acknowledged the temporary hardships caused by the removal of fuel subsidy but stressed that it was essential to address long-term economic problems.
He said, “For decades, our economy has remained anaemic and taken a dip because of many misalignments that have stunted our growth. Just over a year ago, our dear country, Nigeria, reached a point where we couldn’t afford to continue the use of temporary solutions to solve long-term problems for the sake of now and our unborn generations.
“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.”
He said these actions “blocked the greed and the profits that smugglers and rent-seekers made. They also blocked the undue subsidies we had extended to our neighbouring countries to the detriment of our people, rendering our economy prostrate.
“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.”
