President Bola Tinubu, on Sunday, revealed why his administration removed fuel subsidy.
Tinubu during his nationwide broadcast on the #EndBadGovernance protests, said the subsidy was removed to reverse the decades of economic mismanagement.
The President defended his decision to remove petrol subsidies upon assuming office, saying, “These decisions I made were necessary if we must reverse the decades of economic mismanagement that didn’t serve us well.
“I can assure you that I am focused fully on delivering the governance to the people – good governance for that matter.”
The President argued that aggregate government revenues have more than doubled, hitting over ₦9.1tn in the first half of 2024 compared to the same period in 2023, due to efforts to block leakages, introduce automation, and mobilise funding creatively without additional burden on the people.
He maintained that productivity is gradually increasing in the non-oil sector, reaching new levels and taking advantage of the opportunities in the current economic ambience.
Therefore, Tinubu called for patience, saying, “The economy is recovering; Please, don’t shut out its oxygen.
“Now that we have been enjoying democratic governance for 25 years, do not let the enemies of democracy use you to promote an unconstitutional agenda that will set us back on our democratic journey. Forward ever, backward never!”
He tasked security operatives with maintaining peace, law, and order in the country, following the necessary conventions on human rights, of which Nigeria is a signatory.
“The safety and security of all Nigerians are paramount,” he concluded.
