President Bola Tinubu said Monday that he is aware that his decision to remove subsidy on petrol will impose an “extra burden on the masses of our people.”
Mr Tinubu in his Democracy Day speech to Nigerians said the decision to remove the subsidy “is one decision we must bear to save our country from going under and take our resources away from the stranglehold of a few unpatriotic elements.”
He said the decision to remove the subsidy will “free up for collective use the much-needed resources, which had hitherto been pocketed by a few rich.”
The Nigerian president at his inauguration on 29 May announced the removal of subsidy on petrol. This led to an increase in petrol prices by almost 200 per cent across the country.
PulseNets reported that the increase in petrol prices has already led to an increase in the prices of other goods and services. Nigerians have, however, expressed diverse views on the subsidy removal with many supporting it and others opposed to it. Proponents say the removal will free up funds (Nigeria spent over N4 trillion on petrol subsidy in 2022) for use in other critical areas such as infrastructure, health and education while opponents say it will further impoverish Nigerians in a country where about half the citizens live in poverty.
In his speech, Mr Tinubu appealed to citizens to trust his decision on the removal of the subsidy.
“Painfully, I have asked you, my compatriots, to sacrifice a little more for the survival of our country. For your trust and belief in us, I assure you that your sacrifice shall not be in vain.
“The government I lead will repay you through massive investment in transportation infrastructure, education, regular power supply, healthcare and other public utilities that will improve the quality of lives,” he said.
Read the full speech here.
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