President Bola Tinubu said his administration took the bold step of ending fuel subsidies and multiple foreign exchange rates to reset Nigeria on the path of sustainable growth and inclusive development.
The President in his Independence Day speech, to mark Nigeria’s 65th anniversary, described the discontinued policies as corrupt practices that enriched a privileged few at the expense of 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,” Tinubu said.
He explained that his administration had redirected the nation’s resources towards critical sectors to improve the lives of Nigerians.
“Our administration has redirected the economy towards a more inclusive path, channeling money to fund education, healthcare, national security, agriculture, and critical economic infrastructure, such as roads, power, broadband, and social investment programmes,” the president stated.
According to him, the reforms are already enabling federal, state, and local governments to better respond to the needs of citizens.
“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 said.
The president assured Nigerians that the sacrifices demanded by the reforms were designed to yield long-term benefits, adding that his administration remained committed to building a more prosperous and equitable nation.
It would be recalled that President Tinubu, during his inaugural address at Eagle Square on May 29, 2023, announced the removal of fuel subsidy.
He explained that there was no provision for subsidy in the national budget from June 2023.
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