Tinubu ends fuel subsidy, calling it a tough but essential move to rescue Nigeria’s economy and invest in its people

Tinubu ends fuel subsidy in a bold reform move he says is necessary to salvage Nigeria’s fragile economy and redirect national wealth towards public good.

Also read: Mudashiru Obasa congratulates Nigerians on 65th milestone

In his Independence Day address marking Nigeria’s 65th anniversary, President Bola Tinubu described the decision as one of the toughest of his presidency but insisted it was essential to avert economic collapse.

He recalled inheriting what he called a “near-collapsed economy” and said the country had two options: maintain the status quo and drift into deeper crisis, or embrace painful but transformative reforms.

“We chose the path of reform. We chose the path of tomorrow over the comfort of today,” Tinubu stated in his national broadcast on Wednesday.

The President criticised the previous fuel subsidy regime and the multiple exchange rate system, which he said allowed a “tiny minority” to benefit at the expense of the majority.

“We ended the corrupt fuel subsidies and multiple foreign exchange rates that created massive incentives for a rentier economy… the masses received little or nothing from our commonwealth,” he said.

Tinubu emphasised that money saved from the controversial subsidy removal was already being redirected into crucial sectors like education, healthcare, security, agriculture and infrastructure.

These, he argued, are the investments that would truly uplift Nigerians.

“We have freed up trillions of Naira for targeted investment in the real economy and social programmes for the most vulnerable, as well as all tiers of government,” he explained.

While acknowledging the pain caused by these reforms, Tinubu was adamant that Nigeria’s macroeconomic indicators were showing signs of recovery.

“Our macro-economic progress has proven that our sacrifices have not been in vain. Together, we are laying a new foundation cast in concrete, not on quicksand,” he assured citizens.

Since his shock declaration on May 29, 2023 — “Fuel subsidy is gone” — Nigerians have grappled with rising fuel prices and inflation.