Contrary to the requests of the ongoing #EndBadGovernance demonstrators, President Bola Tinubu has dismissed the possibility of reinstating the fuel subsidy.
In a nationwide address on Sunday morning, the President acknowledged the hardship caused by the subsidy removal but stressed its necessity.
He explained that the subsidy had become a stranglehold on the economic lifeline of our nation, obstructing economic growth and progress.
“My vision for our country is one of a just and prosperous nation where each person may enjoy the peace, freedom, and meaningful livelihood that only democratic good governance can provide – one that is open, transparent and accountable to the Nigerian people.
“For decades, our economy has remained anaemic and taken a dip because of many misalignments that have stunted our growth. Just over a year ago, our dear country, Nigeria, reached a point where we couldn’t afford to continue the use of temporary solutions to solve long-term problems for the sake of now and our unborn generations.
“I therefore took the painful yet necessary decision to remove fuel subsidies and abolish multiple foreign exchange systems which had constituted a noose around the economic jugular of our Nation and impeded our economic development and progress.”
He said these actions “blocked the greed and the profits that smugglers and rent-seekers made. They also blocked the undue subsidies we had extended to our neighbouring countries to the detriment of our people, rendering our economy prostrate.
“These decisions I made were necessary if we must reverse the decades of economic mismanagement that didn’t serve us well. Yes, I agree, the buck stops on my table. But I can assure you that I am focused fully on delivering the governance to the people – good governance for that matter.”
The President further urged the Protesters to sheathe their swords and come forward for a dialogue.
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