President Bola Tinubu has said that the reason he ended the longstanding fuel subsidy and broke the hold on Nigeria's foreign exchange system was to avert a fiscal catastrophe in the country.
President Tinubu stated this on Monday in his New Year's Day message to Nigerians. While acknowledging the temporary discomfort, Tinubu explained that these steps were taken to secure the country's financial stability.
He affirmed that every action, decision, and international trip since assuming office on May 29, 2023, has been in the best interest of Nigeria.
Addressing concerns about rising living costs, high inflation (now above 28%), and underemployment, Tinubu acknowledged the groans of hardworking Nigerians from Broad Street in Lagos to the streets of Kano and Nembe Creeks in Bayelsa.
Despite frustrations, he urges citizens not to lose hope, emphasizing resilience in tough times. He called on Nigerians to unite and commit to being better citizens, working collectively for the good of the country in 2024.
The President pointed out that having established economic recovery plans in the past seven months of 2023, his administration is now ready to intensify service delivery across sectors."
Tinubu further explained that the decision to remove the fuel subsidy was not taken lightly, but it was necessary to address the structural imbalances in the country's economy. He emphasized the need for Nigeria to reduce its dependence on oil revenues and diversify its economy. By removing the fuel subsidy, the government would be able to redirect the funds towards critical sectors such as healthcare, education, and infrastructure development.
President Tinubu acknowledged that the initial impact of the subsidy removal had led to an increase in fuel prices and subsequently affected the cost of living for many Nigerians. However, he reassured the citizens that these measures were temporary and necessary for the long-term benefit of the nation. He disclosed that the government was implementing policies and programs to cushion the impact on vulnerable individuals and families, and to ensure that the benefits of the subsidy removal trickle down to the grassroots level.
In his New Year's Day message, President Tinubu also addressed the issue of high inflation and underemployment. He acknowledged the difficulties faced by ordinary Nigerians in making ends meet and promised to implement measures to stimulate the economy and create more job opportunities. He emphasized the importance of investing in human capital development and supporting small and medium-sized enterprises to drive economic growth and reduce unemployment.
President Tinubu urged Nigerians not to lose hope and encouraged them to remain resilient in the face of tough times. He called for unity and advised citizens to prioritize the collective good of the nation over personal interests. He assured Nigerians that his administration was committed to delivering on its promises and would intensify service delivery across all sectors of the economy.
As the country entered into 2024, President Tinubu expressed optimism about Nigeria's future, highlighting the progress made in the past seven months and the potential for growth and development in the coming years. He called on all Nigerians to join hands and work towards building a better, stronger, and more prosperous nation.
Also, President Tinubu's decision to remove the fuel subsidy and address the country's foreign exchange system was based on the need to avert a fiscal catastrophe and ensure Nigeria's financial stability. Despite the initial discomfort caused by these measures, Tinubu reassured the citizens that they were necessary for the long-term benefit of the nation. He called on Nigerians to remain resilient, united, and committed to the progress of the country, as his administration intensifies service delivery and implements policies to stimulate the economy and create more job opportunities.