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Tinubu Rules Out Return of Fuel Subsidy, Foresees Long-Term Economic Benefits
President Bola Tinubu has confirmed that the fuel subsidy will not be reinstated, amid the ongoing #EndBadGovernance protests.
EKO HOT BLOG reports that in a nationwide address on Sunday morning, the President acknowledged that the removal of the fuel subsidy was a difficult decision but deemed it essential.
He explained that the subsidy had become a burden on the nation’s economy, stifling development and progress.
President Tinubu assured protesters that law enforcement agencies will continue to protect the lives and properties of innocent citizens while upholding their constitutional rights.
He emphasized that, “Our democracy thrives when the rights of every Nigerian are respected and safeguarded.”
The President outlined his vision for a fair and prosperous nation where democratic governance ensures peace, freedom, and a meaningful livelihood for all citizens.
He stated that, “For decades, our economy has struggled due to various misalignments that have hindered growth.
“Just over a year ago, Nigeria reached a point where we could no longer afford temporary fixes for long-term issues affecting both current and future generations.”
He further explained that removing fuel subsidies and eliminating multiple foreign exchange systems were necessary to address economic challenges.
“These measures aimed to end the profiteering of smugglers and rent-seekers, as well as to stop the undue subsidies benefiting neighboring countries at our expense, which weakened our economy.”
President Tinubu concluded by acknowledging that while he takes responsibility for these decisions, he remains dedicated to providing effective and accountable governance.
“I understand the gravity of these choices, but I am committed to delivering good governance and addressing the economic mismanagement of the past.”
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