President Tinubu Defends Bold Reforms: Fuel Subsidies, Forex Overhaul Key to Nigeria’s Economic Revival
President Bola Ahmed Tinubu stated on Sunday that his administration was compelled to eliminate fuel subsidies and abolish multiple foreign exchange systems, as they were hindering the nation’s economic development and progress.
The president said this Sunday in a nationwide broadcast on the #EndBadGovernance protests across the country.
“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 that had constituted a noose around the economic equilibrium of our nation and impeded our economic development and progress.
“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 fully focused on delivering good governance to the people,” he said.
