- Safiu Kehinde
President Bola Tinubu has again defended his decision to remove oil subsidy, stressing that Nigeria could not have survived if it continued.
Tinubu stated this during his address at the All Progressive Congress (APC) caucus meeting held in Abuja on Tuesday.
As captured in a video shared on X today by his Special Adviser on Information and Strategy, Bayo Onanuga, the President disclosed that the subsidy removal resulted to increment in Federal allocation to state governments and funding of other initiatives and programmes such as the National Education Loan Fund (NELFUND).
“It is a daunting challenge. The policies are difficult. There is no way Nigeria could have survived the continuation of oil subsidy. There is no way!
“Today, I can beat my chest and each of the governors here that allocation to the states is tripled. We have enough funding for the local governments. We have NELFUND to fund our children in school. We can steer the future of this country and make a difference.” Tinubu said.
Recall that the President had on the 29th of May, 2023, declared fuel subsidy gone.
Tinubu made the declaration during his inaugural address at Eagle Square, Abuja, shortly after he was sworn in as the 16th President of Nigeria.
The subsidy removal threw the country into a lengthy economic recession and hardship.
Coupled with his Naira floating policy, Nigerians were thrusted into deep inflation which the country is struggling to recover from.