- Safiu Kehinde
Sequel to the clamour of #EndBadGovernance protesters to return fuel subsidy, Nigerian President, Bola Ahmed Tinubu, has given reminded Nigerians of the alleged evil that fuel subsidy did to the economy for decades.
Describing the decision as ‘painful yet necessary’, Tinubu stressed the stunted economic growth of the nation as reasons for the removal.
“For decades, our economy has remained anaemic and has taken a deep because of many misalignment that has stunted our growth. Just over a year ago, our dear country Nigeria reached a point where we could not afford to continue the use of temporary solutions to solve long term problems for the sake of now and our unborn generation.
“I therefore took the painful yet necessary decision to remove fuel subsidy and abolish multiple foreign exchange system which has constituted the news around the economic jugular of our nation and impede our development and progress.” He said.
Tinubu further noted the impact of the subsidy removal on reviving the nation’s economy.
“This action blocked the greedy and the profit that smugglers made. They also block the undue subsidy we had extended to our neighbouring countries to the detriment of our people.
“This decisions are necessary if we must reverse the decades of economic mismanagement that didn’t serve us well. Yes I agree the ball stops on my table. But I can assure you I’m focused fully on delivering the governance to the people – good governance for that matter.
“In the past 14 months, our government has made significant strides in rebuilding the foundation of our economy to carry us into a future of plenty and abundance.” He added.