Presidency

Tinubu: Why I included fuel subsidy removal in my inaugural speech

President Bola Tinubu has revealed the reasons behind the announcement of the removal of subsidy on Premium Motor Spirit (PMS), otherwise known as petrol, during his inauguration on May 29, 2023.

Tinubu described the fuel subsidy as a “scam” and disincentive to growth, saying it rewarded smugglers and reduced the burden of cost of the commodity for some countries.

The President disclosed that his Special Adviser on Monetary Policy, Wale Edun, and Special Adviser on Special Duties, Communication and Strategy, Dele Alake, had excluded fuel subsidy removal in his inaugural speech, but he felt it was expedient to stop the subsidy on the first day.

“It was the next day I called the GMD of NNPCL,” he said during a meeting with Nigerians in Paris, France, including Real Madrid defender, David Alaba, on Friday, June 23.

President Tinubu added that he was presented with an option of meeting with a handful of Nigerians in France, but he preferred a larger number, pledging to be persistent, determined, and focused on reforms for a better country.

READ ALSO: Tinubu to investors: Nigeria’s economy too large to be ignored, we’re ready for business

Also speaking, Nigeria’s Ambassador to France, Kayode Laro, thanked Tinubu for accepting the proposal for the meeting with Nigerians on short notice and tight schedule, while the Chairman of the Nigerians in Diaspora Commission, Abike Dabiri-Ereluwa introduced some of the experts in France.

“We have Nigerians who are doing great today among us. We also have the diaspora day and diaspora investment summit that provides opportunities for us to celebrate them, and attract new interests,” she said.

Prof. Emmanuel Iga, Abiodun Odunuga, Anino Elawa, and others commended the President for the great steps taken in three weeks to reposition the economy.

“You have shown we have a committed and competent leader. You are the first President of Nigeria, who has no godfather. You are your godfather. We are impressed with the removal of subsidy and streamlining of foreign exchange. We will wait for the palliatives,” Iga said.

The Star

Segun Ojo

Recent Posts

Chelsea dent Arsenal’s Premier League title hopes in London derby

Chelsea dealt a fresh blow to Arsenal's Premier League title challenge as the Blues played…

1 hour ago

Minimum wage: NLC embarks on strike in defaulting states December 1

The Nigeria Labour Congress (NLC) has announced its readiness to embark on strike in states…

2 hours ago

Man United thrash Leicester as Ipswich beat Spurs to record first EPL win

Manchester United thrashed Leicester City 3-0 at Old Trafford on Sunday, while Ipswich Town stunned…

4 hours ago

Petrol price hike: Kano residents dump cars for bicycles

Some residents of Kano have abandoned their cars to embrace trekking, bicycles, electric bikes, and…

4 hours ago

Minister: My mission is to recapture Kano for APC in 2027

The newly appointed Minister of State for Housing and Urban Development, Yusuf Abdullahi, has pledged…

5 hours ago

IGP bans Amotekun, vigilante from Ondo governorship election

The Inspector-General of Police (IGP), Kayode Egbetokun, has banned the Western Nigeria Security Network codenamed…

5 hours ago

This website uses cookies.