President Bola Tinubu, on Monday, assured Nigerians of an impending economic recovery, expressing confidence in the country’s ability to overcome the adverse effects of the fuel subsidy removal.
The president, speaking at Governor Hope Uzodinma’s second-term inauguration in Owerri, shared his optimism about the country reaping positive outcomes from the elimination of the fuel pump price subsidy.
He said:
- “The day of birth is the day of pain, you go through the labour pain, but when you see or you hear the voice of the baby, your pains are gone and you are relieved.
- “In the past 40 years, a few people were cornering our commonwealth, and calling it subsidy, but I call it wasteful. Right now, we are all bearing and sharing that pain. But things are looking up. Things will get better for the good of all Nigerians. With me, there is hope”.
Furthermore, President Tinubu also declared that his administration would allocate additional resources to education and healthcare while facilitating conditions for industrialization and investments, aligning with his vision of fostering economic stability and prosperity.
The President reassured citizens that he is keenly aware of their concerns and is actively addressing the challenges arising from crucial reforms.
- “I assure you, there will be substantial developments in the education of your children, you will see the priority in industrialization, and healthcare will receive more allocation and attention. Don’t worry about what you’re hearing about the ‘Japa Syndrome’, we will train more people,” he added.
What you should know
- President Bola Tinubu removed the subsidy on fuel on May 29, 2023, during his inauguration speech, adding that the fuel subsidy is “gone.”
- As a result, the price of fuel has increased dramatically, causing an escalating cost of production and logistics as well as power generation for small and medium-scale businesses across the country.
- While the Dangote refinery which commenced production last week is projected to reduce Nigeria’s dependence on imported refined crude oil, there are questions on whether the refinery will have an effect on the price of the commodity.
- Meanwhile, the President assured Nigerians that the money saved from subsidy removal will now be allocated to the health and education sector.
- With an inflation rate of 28.92%, Nigerians battle a high cost of living, rising food prices as well as a hostile business environment, resulting in the decline of employment opportunities across the country.
