In a nationwide broadcast on Sunday, President Bola Tinubu addressed the concerns and protests surrounding the removal of fuel subsidies in Nigeria.
Despite the outcry, Tinubu reaffirmed his stance, calling the decision a painful yet necessary step for the nation’s long-term economic health.
Economic Relief Measures Rolled Out President Tinibu emphasized the unsustainability of fuel subsidies, stating they benefitted smugglers more than Nigerian citizens.
Acknowledging the hardships faced by Nigerians due to rising fuel costs, he announced measures to mitigate the impact, including the distribution of 200,000 metric tonnes of grains and significant investments in agriculture.
Investing in the Future Tinubu highlighted initiatives such as CNG conversion kits to reduce transportation costs and the establishment of a Consumer Credit Corporation to help citizens acquire essential products.
“This will save over N2 trillion monthly, which will be reinvested in healthcare, education, and infrastructure,” Tinubu explained.Support for Education and Housing The President noted progress in student loans and affordable housing projects, with N45.6 billion already processed for student loans and commitments to creating affordable housing units nationwide.
Mixed Reactions While some support the subsidy removal as a step towards economic stability, critics argue it exacerbates living costs.
Tinubu assured that funds saved from subsidy removal would be channeled into public infrastructure, education, healthcare, and job creation, pledging transparent and accountable governance.
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