President Bola Tinubu has said he could have collected his share of the benefit from petrol subsidy payment instead of announcing the removal of the subsidy.
The president said he refused to demand his share of the benefit from subsidy payments because his government needs the necessary resources to achieve the promise made to Nigerians during the campaign.
Tinubu asserted that the bleeding of the country’s finances through the petrol subsidy and the arbitrary exchange rate regime should never be allowed to continue.
The Nigerian leader added that he would not participate in the country’s economic destruction by retaining the petrol subsidy, adding that the effectiveness of control and management of the country’s resources needs to be re-engineered.
Tinubu stated these on Thursday while speaking at a reception organized in his honour by the Lagos State Government at the State House, Marina.
He said: “You all can see now that it pays to persevere. Thank you for spreading the understanding to our Nigerian people that we need to take the steps to stop the bleeding of our finances through speedy action of fuel subsidy removal. We have no choice.
“We will need the necessary resources to achieve the promise made to Nigerians during our campaign. We need to stop the bleeding of our finances through fuel subsidy and the arbitrary exchange regime. We have no choice.
“We have to re-engineer the effectiveness of control and management of our resources to meet the obligations owed to Nigerians
“I could have said yes, I want a share of my benefit and participate in the arbitrage. But no, God forbid. That’s not why you elected me.”
He added: “We have to re-engineer the financial system of the country and see that our economic planning and budgetary process is transparent enough to cater for all Nigerians. Nigeria can’t afford to be Father Christmas to other countries. We can’t just afford to continue paying the subsidy.
“Nigerians elected me to bring about “necessary changes that will benefit not only you but your grandchildren and our tomorrow.”
The president said Nigerians would continue seeing new and better initiatives to benefit the young and old.
He also pledged to work with the National Assembly and state Governors to achieve the renewed hope agenda of his administration.
