President Bola Tinubu has said that the removal of fuel subsidy and the harmonization of foreign exchange rates were “necessary decisions” to prevent a “fiscal catastrophe” for the nation.
The President was defending the economic initiatives of his administration during the new message to the people.
He said, “I hear the groans of Nigerians and I am aware of the consequences of these actions.”
Tinubu further stated that he is aware of the escalating underemployment rate, increasing inflation, and the growing cost of living that goes along with it.
“Since taking office on May 29, 2023, every action I have taken, every choice I have made, and every journey I have made outside of our borders have all been done in the finest interest of the nation,” he assured
“Over the past seven months of our administration, I have taken some difficult and yet necessary decisions to save our country from fiscal catastrophe. One of those decisions was the removal of fuel subsidy which had become an unsustainable financial burden on our country for more than four decades.
“Another was the removal of the chokehold of few people on our foreign exchange system that benefited only the rich and the most powerful among us. Without a doubt, these two decisions brought some discomfort to individuals, families and businesses.
“I am well aware that, for some time now, the conversations and debates have centred on the rising cost of living, high inflation which is now above 28% and the unacceptable high under-employment rate.
“From the boardrooms at Broad Street in Lagos to the main streets of Kano and Nembe Creeks in Bayelsa, I hear the groans of Nigerians who work hard every day to provide for themselves and their families.
“I am not oblivious to the expressed and sometimes unexpressed frustrations of my fellow citizens. I know for a fact that some of our compatriots are even asking if this is how our administration wants to renew their hope.”
The president conceded that although “the time may be rough and tough”, Nigerians must “remain unbowed because tough times never last”.
“We are made for this period, never to flinch, never to falter. The socio-economic challenges of today should energize and rekindle our love and faith in the promise of Nigeria,” he said.
He called on Nigerians to be determined to improve their efforts for the benefit of the country in light of the current situation.
“Given our circumstances, we ought to decide that starting in 2024, each and every one of us will make a commitment to becoming better citizens,” the president stated.
