Friday, President Bola Tinubu slammed fuel subsidies, calling them a “scam” that benefits smugglers while effectively subsidizing fuel costs for other nations and preventing growth.
Dele Alake, his Special Adviser on Special Duties, Communication, and Strategy, reported that these remarks were made during a meeting with Nigerians living in France.
The President explained that, despite the fact that he deemed it crucial to eliminate the fuel subsidy from day one, his advisors had initially omitted the topic from his inaugural address.
After declaring the end of fuel subsidies in his inaugural address on May 29, 2023, this meeting marked President Tinubu‘s first public discussion.
His announcement sparked protest calls from the Nigeria Labour Congress (NLC) and resulted in a near-immediate rise in fuel prices and hoarding.
Despite earlier efforts by former President Muhammadu Buhari to end fuel subsidy payments by June, these reactions occurred.
The attendees were reassured by President Tinubu about his determination to revitalize the health and education sectors.
In addition, he confirmed that the ongoing economic reforms aimed at alleviating families struggling with poverty and uncertainty would be sustained and expanded.
His remarks were delivered just over a week after the Students Loan Bill was enacted into law.
President Tinubu made a promise to the Nigerian community in France to develop and implement innovative policies in areas like energy, sports, and electricity that directly affect Nigerians’ livelihoods.
When discussing global issues like climate change, energy transition, food security, trade, security, and diplomacy with international communities, governments, and organizations, the President promised that the interests of Nigerians would always come first.
President Tinubu acknowledged the country’s ongoing infrastructure, electricity, and transportation issues.
He strikingly featured his choice to eliminate fuel sponsorships, alluding to it as delivering “the monster elephant of fuel appropriation without cutting down the house.”
The President reiterated his commitment to implementing reforms for a better Nigeria, despite political divisions, and promised to promote unity and prosperity for all Nigerians.
Kayode Laro, the Nigerian ambassador to France, and a number of other attendees thanked President Tinubu for his visionary leadership and commitment to economic reform.