Yesterday 31st July, President Tinubu addressed the nation concerning the harsh economic realities Nigerians are currently facing regarding the fuel subsidy removal which resulted in the hike in fuel price.
Tinubu spoke on the measures he has taken to fight the economic hardship of the nation, stating that he knows how difficult things are but it will be over soon.
He mentioned that for many years, he has never changed his stance on subsidy removal because the subsidy costs trillions of naira yearly which can be spent to finance other sectors but are being used by a group of individuals to fund their lifestyle.
He said, "My fellow citizens, I want to talk to you about our economy. It is important that you understand the reasons for the policy measures I have taken to combat the serious economic challenges this nation has long faced. I am not going to talk in difficult terms by dwelling on economic jargon and concepts.
I will speak in plain, clear language so that you know where I stand. More importantly, so that you see and hopefully will share my vision regarding the journey to a better, more productive economy for our beloved country.
For several years, I have consistently maintained the position that the fuel subsidy had to go. This once beneficial measure had outlived its utility. The subsidy cost us trillions of Naira yearly. Such a vast sum of money would have been better spent on public transportation, healthcare, schools, housing and even national security.
Instead, it was being funneled into the deep pockets and lavish bank accounts of a select group of individuals. This group had amassed so much wealth and power that they became a serious threat to the fairness of our economy and the integrity of our democratic governance.
To be blunt, Nigeria could never become the society it was intended to be as long as such small, powerful yet unelected groups hold enormous influence over our political economy and the institutions that govern it.
The whims of the few should never hold dominant sway over the hopes and aspirations of the many. If we are to be a democracy, the people and not the power of money must be sovereign."
Tinubu also mentioned that the Buhari administration saw the economic hardship coming but there were no provisions or serious measures put in place to combat it before it happened.
However, President Tinubu urged Nigerians to be patient, stating clearly that he understands the hardship Nigerians face but there is no other way for now. He elaborated that if there were another way, he would have taken it.
"Our economy is going through a tough patch and you are being hurt by it. The cost of fuel has gone up. Food and other prices have followed it. Households and businesses struggle. Things seem anxious and uncertain. I understand the hardship you face.
I wish there were other ways. But there is not. If there were, I would have taken that route as I came here to help not hurt the people and nation that I love.
What I can offer is to immediately stop reducing the burden our current economic situation has imposed on all of us, most especially on businesses, the working class and the most vulnerable among us.
Already, the Federal Government is working closely with states and local governments to implement interventions that will cushion the pains of our people across socio-economic brackets.", He concluded.
See video here:
Video credit: Twitter @MrNobody5588
Tinubu spoke on the measures he has taken to fight the economic hardship of the nation, stating that he knows how difficult things are but it will be over soon.
He mentioned that for many years, he has never changed his stance on subsidy removal because the subsidy costs trillions of naira yearly which can be spent to finance other sectors but are being used by a group of individuals to fund their lifestyle.
He said, "My fellow citizens, I want to talk to you about our economy. It is important that you understand the reasons for the policy measures I have taken to combat the serious economic challenges this nation has long faced. I am not going to talk in difficult terms by dwelling on economic jargon and concepts.
I will speak in plain, clear language so that you know where I stand. More importantly, so that you see and hopefully will share my vision regarding the journey to a better, more productive economy for our beloved country.
For several years, I have consistently maintained the position that the fuel subsidy had to go. This once beneficial measure had outlived its utility. The subsidy cost us trillions of Naira yearly. Such a vast sum of money would have been better spent on public transportation, healthcare, schools, housing and even national security.
Instead, it was being funneled into the deep pockets and lavish bank accounts of a select group of individuals. This group had amassed so much wealth and power that they became a serious threat to the fairness of our economy and the integrity of our democratic governance.
To be blunt, Nigeria could never become the society it was intended to be as long as such small, powerful yet unelected groups hold enormous influence over our political economy and the institutions that govern it.
The whims of the few should never hold dominant sway over the hopes and aspirations of the many. If we are to be a democracy, the people and not the power of money must be sovereign."
Tinubu also mentioned that the Buhari administration saw the economic hardship coming but there were no provisions or serious measures put in place to combat it before it happened.
However, President Tinubu urged Nigerians to be patient, stating clearly that he understands the hardship Nigerians face but there is no other way for now. He elaborated that if there were another way, he would have taken it.
"Our economy is going through a tough patch and you are being hurt by it. The cost of fuel has gone up. Food and other prices have followed it. Households and businesses struggle. Things seem anxious and uncertain. I understand the hardship you face.
I wish there were other ways. But there is not. If there were, I would have taken that route as I came here to help not hurt the people and nation that I love.
What I can offer is to immediately stop reducing the burden our current economic situation has imposed on all of us, most especially on businesses, the working class and the most vulnerable among us.
Already, the Federal Government is working closely with states and local governments to implement interventions that will cushion the pains of our people across socio-economic brackets.", He concluded.
See video here:
Video credit: Twitter @MrNobody5588