Hardship: Tinubu Defends Petrol Subsidy Removal, Explains “How Nigerians Lived Fake Lives”

• President Bola Tinubu has explained that the twin policies of petrol subsidy removal and exchange rate unification were critical in addressing Nigeria’s worsening economy
• He noted that his administration reforms have had painful consequences but were necessary for the nation's long-term survival
• At the convocation ceremony of the Federal University of Technology Akure, Tinubu also revealed how Nigerians were living a "fake life" before the petrol subsidy removal

Legit.ng journalist Esther Odili has over two years of experience covering political parties and movements.

President Bola Ahmed Tinubu has stated that Nigerians were living a "fake life" before the removal of the petrol subsidy in 2023.

Tinubu: Tough reforms necessary to avoid economic collapse

Tinubu made this assertion at the combined 34th and 35th convocation ceremonies of the Federal University of Technology Akure (FUTA) in Ondo state.

According to the president, his twin policies of petrol subsidy removal and exchange rate unification were meant to save the Nigerian economy from collapse, BusinessDay reported.

Read also

Amid hunger, high inflation, Tinubu says subsidy removal yielding positive results, gives reasons

Tinubu, represented by Wahab Egbewole, vice-chancellor of the University of Ilorin, said:

“We took the baton of authority at a time when our economy was nose-diving as a result of heavy debts from fuel and dollar subsidies.”

Speaking further, he noted that the subsidies were targeted at supporting the poor and making life better for all Nigerians, stressing that the economy needed drastic actions to avert collapse.

“Unfortunately, the good life we thought we were living was a fake one that was capable of leading the country to a total collapse unless drastic efforts were urgently taken.”

Impact of subsidy removal

Legit.ng reported that Tinubu ended the fuel subsidy on May 29, 2024, a move initially lauded but has led to spiral inflation.

Also, the naira's value has depreciated and is currently trading above N1,680 in the official market and N1,700 in the black market.

Read also

Anger as Wike, Sanwo-Olu, others sighted with Tinubu in France: "An aberration, a needless jamboree"

Similarly, the price of fuel has increased by over 500% and is now selling at N1,100 to N1,300 per litre, depending on the location.

However, both reforms have been painful to Nigerians, shooting up the cost of living in the nation.

But Tinubu said:

“The need to salvage the future of our children, and bring the country back from the brink of collapse necessitated the strategic decisions to remove the fuel subsidy and also unify the exchange rates. I am not unaware of the consequences of the tough decisions on our people. I sincerely wish there could be softer options.”

Read more about Tinubu here:

• "To reduce impact of subsidy removal": FG launches free CNG bus ride in Abuja
• Nigerian Govt shares benefit of fuel subsidy removal as Dangote slashes petrol price

Governors back Tinubu

Earlier, Legit.ng reported that the 36 state governors said they were aware Nigerians were hungry but expressed appreciation for President Bola Ahmed Tinubu's reforms.

Read also

Tax reform: Why Tinubu should pause process of passing bills into law, PDP chieftain explains

The governors’ position came as the group chief executive officer (CEO) of Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, who briefed them at the meeting, confirmed that there was now total fuel subsidy removal in the country.

Speaking with journalists, Governor Hope Uzodimma of Imo state disclosed that the governors' prayer is that relief should come the way of the people as soon as possible.

Source: Legit.ng