3 months ago
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President Bola Tinubu addressed the nation on Sunday, August 4, explaining his decision to remove fuel subsidies and abolish multiple foreign exchange rates.
He stated that this decision was made to grow the economy and promote national development.
Source: Twitter
Tinubu described the decision as "painful" but necessary to block the greed and profits of smugglers and rent-seekers.
The president added that the removal of fuel subsidies and multiple foreign exchange systems also stopped undue subsidies to neighbouring countries, which had harmed Nigeria's economy.
He then acknowledged that Nigeria's economy had been weak for decades due to misalignments that stunted its growth.
According to him, temporary solutions could no longer address long-term problems, and bold decisions were needed.
Tinubu took responsibility for his decisions, stating that he was focused on delivering good governance to the people.
He disclosed that in the last 13 months, his government has reduced debt servicing from 97% of revenue to 68%.
The president maintained that this reduction has given the government more financial freedom to spend on essential social services like education and healthcare.
Additionally, Tinubu said state and local governments have received the highest allocations ever from the Federation Account.
Tinubu's revelations came on the fourth day of the nationwide hunger protest against his administration, which he had branded as politically motivated by some Nigerians with hidden agenda.
Source: Legit.ng
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