Why fuel subsidies were removed by President Bola Ahmed Tinubu
President Bola Tinubu on Friday told Nigerians in France that he removed fuel subsidy because he feel it is a scam.
Tinubu spoke in an interactive session with Nigerians living in France.
He went ahead to explain that fuel subsidy is disincentive to growth as it rewarded smugglers and reduced the burden of real cost of the commodity for some countries.
The president said Wale Edun who is the Special Adviser on Monetary Policy and Dele Alake who is as well a Special Adviser on Special Duties, Communication and Strategy, had excluded fuel subsidy removal in his inaugural speech, but that he felt it was expedient to stop the subsidy on the first day.
However, Tinubu assured Nigerians of repositioning the education and health sectors, whilst the ongoing reforms on the economy will be sustained and expanded, with a view to relieving families struggling with the burden of poverty and insecurity.
The Nigerian leader said more creative and innovative policies will be explored and implemented in areas that directly impact livelihood of Nigerians, like electricity,sports and energy.
“To you alll, our hope is renewed,’’ he said, welcoming plethora of suggestions going forward for the economy, and explaining some of the short and long term framework for providing growth opportunities for individuals, families and institutions.
President Tinubu said the interest of Nigerians will always be protected, even in engagements with the international community, governments and multilateral institutions on global issues relating to climate change, energy transition, food security, trade, security and diplomacy.
“We have transport challenges, electricity challenges, infrastructural challenges and others. I let out the giant elephant of fuel subsidy without bringing down the house,’’ he said, adding, “Our diversity is our asset, if we know how to use it.’’
“We must promote unity and stability for all. Whether you voted for me during the elections, or not, I am your President. I will work on your behalf to ensure a turning point of prosperity,’’ the President told the gathering of professionals, including David Alaba, a professional footballer.
The President said he was presented with an option of meeting with a handful of Nigerians in France, but he preferred a larger number, pledging to be persistent, determined and focused on reforms for a better country.
Nigeria’s Ambassador to France, Kayode Laro, thanked the President for accepting the proposal for the meeting with Nigerians on short notice and tight schedule, whilst the Chairman of the Nigerians in Diaspora Commission, Abike Dabiri-Ereluwa introduced some of the experts in France.
“We have Nigerians who are doing great today among us”. We have the diaspora day and diaspora investment summit that provides opportunities for us to celebrate them, and attract new interests,’’ she said.
Prof Emmanuel Iga, Abiodun Odunuga, Anino Elawa, commended the President for the great steps taken in three weeks to reposition the economy.
“You have shown we have a committed and competent leader. You are the first President, who has no godfather. You are your godfather. We are impressed with removal of subsidy and streamlining of foreign exchange. We will wait for the palliatives,’’ Iga said.
Nigerians at the event assured President Tinubu of their full support for his progressive ideas.