President Bola Tinubu has said the removal of fuel subsidy was hard, yet a necessary sacrifice to revive the economy and ensure Nigeria’s wealth is channelled towards improving the lives of its citizens.
New Telegraph recalls that Tinubu had, on May 29, 2023, during his swearing-in as Nigeria’s 16th President, declared that “fuel subsidy is gone,” a statement that instantly sparked fuel shortages and a steep rise in pump prices nationwide.
Delivering his Independence Day address to mark Nigeria’s 65th anniversary on Wednesday, the President noted that his administration met a “Near-collapsed economy” and emphasised that bold reforms were unavoidable to set the country on the path of recovery.
Tinubu noted that fuel subsidies and multiple exchange rate regimes had entrenched a system in which “a tiny minority” enjoyed undue advantages, leaving the vast majority of Nigerians with nothing.
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“As a new administration, we faced a simple choice: continue business as usual and watch our nation drift, or embark on a courageous, fundamental reform path. We chose the path of reform. We chose the path of tomorrow over the comfort of today.
“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,” he said.
The President emphasised that funds freed from subsidy removal were now being redirected into critical sectors such as education, healthcare, security, agriculture, and infrastructure — investments he said would have a direct impact on improving citizens’ lives.
“Following the removal of the corrupt petroleum subsidy, we have freed up trillions of Naira for targeted investment in the real economy and social programmes for the most vulnerable, as well as all tiers of government,” he said.
He acknowledged that the reforms had imposed hardship on Nigerians but assured the public that the sacrifices were beginning to yield positive results.
“I have always candidly acknowledged that these reforms have come with some temporary pains. However, the alternative of allowing our country to descend into economic chaos or bankruptcy was not an option.
“Our macro-economic progress has proven that our sacrifices have not been in vain. Together, we are laying a new foundation cast in concrete, not on quicksand,” he said.
