Tinubu: "Why I Removed Fuel Subsidy, Stopped Multiple Exchange System"

• President Bola Tinubu has explained the reason he removed the fuel subsidies and stopped the multiple exchange rates
• The president, in an address to Nigerians on Sunday, August 4, said the decision was born out of his desire to grow the economy and enhance national development
• President Tinubu noted that the decision was a painful but necessary one that the country has to take if it wants to progress

Aso-Rock, Abuja - President Bola Tinubu addressed the nation on Sunday, August 4, explaining his decision to remove fuel subsidies and abolish multiple foreign exchange rates.

During the broadcast, which was monitored by Legit.ng, Tinubu stated that this decision was made to grow the economy and promote national development.

Removing fuel subsidy is painful but necessary - Tinubu

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Tinubu described the decision as "painful" but necessary to block the greed and profits of smugglers and rent-seekers.

The president added that the removal of fuel subsidies and multiple foreign exchange systems also stopped undue subsidies to neighbouring countries, which had harmed Nigeria's economy.

He then acknowledged that Nigeria's economy had been weak for decades due to misalignments that stunted its growth.

According to him, temporary solutions could no longer address long-term problems, and bold decisions were needed.

Tinubu took responsibility for his decisions, stating that he was focused on delivering good governance to the people.

Nigeria now service its debt with 68% revenue

He disclosed that in the last 13 months, his government has reduced debt servicing from 97% of revenue to 68%.

The president maintained that this reduction has given the government more financial freedom to spend on essential social services like education and healthcare.

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Additionally, Tinubu said state and local governments have received the highest allocations ever from the Federation Account.

Tinubu's revelations came on the fourth day of the nationwide hunger protest against his administration, which he had branded as politically motivated by some Nigerians with hidden agendas.

Hunger protest: List of states curfews were declared

Legit.ng earlier reported that the hunger protest, which began on Thursday, August 1, has been gaining momentum across the country. Protesters are demanding action from the government to address the widespread hunger and economic hardship faced by many Nigerians.

Despite the challenges, the protesters have remained resolute, with many vowing to continue their demonstrations until their demands are met.

There have been recent reports of violence in some states, and in some instances, some of the protesters resulted in looting. The police, in responding to this situation, opened fire on some protesters, and no less than 17 people were killed on day one of the protest. Some governors have also declared curfews in their states to ensure that the protest did not escalate.

Source: Legit.ng