Tinubu: Fuel Subsidy Removal Vital for Economic Growth
President Bola Tinubu addressed the nation on Sunday, defending the removal of fuel subsidies and the unification of foreign exchange rates as crucial steps for Nigeria’s economic revival.
In his broadcast, Tinubu highlighted that Nigeria’s economy had been hindered by long-standing structural issues. “A year ago, Nigeria could no longer afford temporary fixes for enduring problems,” he stated. He emphasized that eliminating fuel subsidies and multiple exchange rates was necessary to curb smuggling and economic exploitation.
The president detailed significant economic improvements under his administration, noting a doubling of government revenues to over N9.1 trillion in the first half of 2024. Tinubu also reported a reduction in debt servicing from 97% to 68% of revenue, and the clearance of $5 billion in foreign exchange obligations.
Highlighting infrastructural progress, Tinubu mentioned major projects like the Lagos-Calabar Coastal Highway and the Sokoto-Badagry Highway, aimed at creating jobs and boosting trade. Additionally, oil production increased to 1.61 million barrels per day, attracting new foreign investments.
Tinubu announced initiatives to reduce transportation costs through a Compressed Natural Gas (CNG) program and support for students and small businesses through loans and grants. He underscored the government’s commitment to food security by removing tariffs on essential agricultural imports and investing in mechanized farming.
Addressing ongoing protests, Tinubu urged Nigerians to avoid misinformation and trust in the government’s efforts to foster a prosperous future. He reaffirmed his dedication to democratic principles and called for unity in achieving national development.
[…] weeks saw at least 11,000 arrests. Protesters urged non-cooperation, asking people to avoid paying taxes, utility bills, and attending work. Despite these calls, […]