Nigeria’s President Bola Tinubu has said Nigeria can’t afford to be a free-for-all economy where anything goes because of weak financial structure and inconceivable fuel subsidy.
Stating the reason for the removal of fuel subsidy, the President said the financial losses incurred by Nigeria due to subsidy is unimaginable and unbearable.
He said with subsidy it will be extremely difficult for government to finance any economic programs and the infrastructures Nigeria needs to develop.
President Tinubu explained this in a ceremony held for him on Thursday, June 29, 2023, by the Governor of Lagos state Babajide Sanwo-Olu, at the Lagos House, Marina.
He said Nigeria’s economy was bleeding so much with unaccounted-for financial losses hence the urgency to stop fuel subsidy.
He stressed that it had to be stopped immediately to save the country from ruins, as subsidy was one of the avenues through which the country was being bled.
Tinubu also criticized subsidizing petroleum for other African countries while Nigeria losses so much money – resulting to suffering of the masses – widespread poverty and hunger as well as infrastructural deficit in the country.
“Nigeria can’t afford to be Father Christmas to other countries. We can’t just afford to continue paying the subsidy,” the President said.
Emphatically, Tinubu said the reason he was elected by Nigerians to lead them, is for him to bring ‘necessary changes’ that will benefit them, the country and it future generations.
He also said his administration will reengineer the Nigeria’s financial system and ensure transparency in economic planning and budgetary process, as well as in all economic dealings.
“From there, we must re-engineer the effectiveness of control and management of our resources in order to meet the obligation owed to Nigerians by politicians.”
The event had Former governors of Lagos State, Babatunde Fashola and Akinwunmi Ambode, and other dignitaries in attendance.
The President thanked Sanwo-Olu for hosting the event and other governors who came to honour him.
Tinubu pronounced the removal of petroleum subsidy on Monday, May 29, 2023, during his inaugural speech, as the President Federal Republic of Nigeria.
As a result of the removal, prices of goods and services short-up, affecting cost of living across Nigeria, as price of petrol per liter jumped from ₦185 to over ₦530 in different parts of the country.
The removal shook the oil and gas industry in Africa, affecting African countries who are dependent and benefiting subsidized petroleum from Nigeria.
Successive government in Nigeria since 1999 to 2023 had failed to remove petroleum subsidy due to lack of political will, courage and direct benefits from the system.
Former President, Goodluck Ebele Jonathan attempted to remove fuel subsidy but was met with aggressive resistance, which resulted to nationwide protest, known then as Occupy Nigeria,
Occupy Nigeria protest which happened in January 1 to 3, 2012, became a socio-political protest movement against the Federal Government over fuel subsidy removal.
The then opposition parties, now collapsed into the All Progressives Congress (APC) ruling party, vigorously campaigned against subsidy removal, which they insisted was a fraud.
However, many Nigerians believe that past governments of the country had their hands in the oil trade, reason the petroleum subsidy couldn’t be removed.
