Press Release: I Made The Painful But Necessary Decision To Remove Fuel Subsidy – Bola Tinubu

According to Channels Television, President Bola Tinubu while addressing the nation about ongoing nationwide protest has spoken about the removal of fuel subsidies and the abolition of multiple foreign exchange systems. These actions, he asserted, were essential to breaking free from the economic constraints that have long hindered the nation’s progress.

According to him, “I, therefore, took the painful yet necessary decision to remove fuel subsidies and abolish multiple foreign exchange systems which had constituted a noose around the economic jugular of our nation and impeded our economic development and progress,” President Tinubu declared in a recent statement.

The President explained that these measures, though difficult, were crucial for fostering sustainable economic growth. The removal of fuel subsidies, a long-debated issue, is expected to free up significant funds that can be redirected towards critical infrastructure and social services. By eliminating the subsidies, the government aims to reduce fiscal deficits and mitigate the long-term economic strain caused by artificially low fuel prices.

In addition, the abolition of multiple foreign exchange systems is intended to simplify Nigeria’s complex and often opaque currency market. This reform is expected to enhance transparency, attract foreign investment, and stabilize the Naira. Multiple exchange rates have historically led to inefficiencies and corruption, impeding Nigeria’s economic performance and growth prospects…..See_More