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President Bola Tinubu has doubled down on the tough decisions taken by his government, including the removal of subsidy on petrol on his first day in office.
He said this while addressing Nigerians in a nationwide broadcast in Abuja on Sunday, August 4, 2024, where he addressed concerns raised by protesters who are seeking an end to bad governance in Nigeria.
Recall that Tinubu announced the end of the fuel subsidy regime moments after he was sworn into office on May 29, 2023. Coupled with that, his government also unified the foreign exchange market a few weeks later.
The two decisions had an immediate impact on the economy, sending prices of petrol pump prices through the roof while the naira plummeted in value to an all-time low.
Consequently, transportation costs skyrocketed, leading to a hike in food and other commodity prices amid hyperinflation.
The resultant economic hardship from Tinubu's policies has been identified as the major trigger for the frustrated citizens to embark on the ongoing nationwide protest.
Tinubu doubles down on tough reforms
However, addressing the citizens on Sunday morning, Tinubu said those decisions were necessary to undo decades of economic mismanagement and set the nation on the path of sustainable growth.
He also stressed that his administration is focused and committed to delivering good governance to Nigerians.
"For decades, our economy has remained anaemic and taken a dip because of many misalignments that have stunted our growth. Just over a year ago, our dear country, Nigeria, reached a point where we couldn’t afford to continue the use of temporary solutions to solve long-term problems for the sake of now and our unborn generations.
"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.
"These actions blocked the greed and the profits that smugglers and rent-seekers made. They also blocked the undue subsidies we had extended to our neighbouring countries to the detriment of our people, rendering our economy prostrate.
"These decisions I made were necessary if we must reverse the decades of economic mismanagement that didn’t serve us well. Yes, I agree, the buck stops on my table. But I can assure you that I am focused fully on delivering the governance to the people – good governance for that matter," he said.
Tinubu highlights gains of his reforms
The President noted that due to efforts to block leakages, introduce automation, and mobilise funding creatively without additional burden on the people, aggregate government revenues have more than doubled, hitting over ₦9.1tn in the first half of 2024 compared to the same period in 2023.
He noted that there has been incremental productivity in the non-oil sector, reaching new levels and taking advantage of the opportunities in the current economic milieu.
Tinubu, therefore, urged the citizens to exercise more patience as the reforms continued to germinate.
“The economy is recovering; Please, don’t shut out its oxygen.
“Now that we have been enjoying democratic governance for 25 years, do not let the enemies of democracy use you to promote an unconstitutional agenda that will set us back on our democratic journey. Forward ever, backward never!” he added.