‘We removed fuel subsidies, multiple FX rates to reset Nigeria’ — Tinubu

President Bola Tinubu says his government took decisive measures by abolishing fuel subsidies and collapsing multiple exchange rates in order to reposition Nigeria’s economy for stability and broad-based growth.

Delivering his Independence Day broadcast to mark Nigeria’s 65th anniversary, Tinubu described the scrapped policies as corrupt systems that served the interests of a few elites while depriving the majority of Nigerians.

“In resetting our country for sustainable growth, we ended the corrupt fuel subsidies and multiple foreign exchange rates that created massive incentives for a rentier economy, benefiting only a tiny minority. At the same time, the masses received little or nothing from our Commonwealth,” Tinubu said.

The president explained that the funds previously wasted on subsidies and distortions were now being redirected into vital areas of the economy to improve lives and foster development.

“Our administration has redirected the economy towards a more inclusive path, channeling money to fund education, healthcare, national security, agriculture, and critical economic infrastructure, such as roads, power, broadband, and social investment programmes,” he added.

According to Tinubu, the policy reforms are already yielding results by giving governments at all levels more resources to meet citizens’ needs.

“As a result of the tough decisions we made, the Federal and State governments, including Local Governments, now have more resources to take care of the people at the lower level of the ladder, to address our development challenges,” he stated.

He reassured Nigerians that while the reforms required sacrifices, they were designed to secure a better future for the country, with the promise of a fairer and more prosperous society.

It will be recalled that in his May 29, 2023, inauguration address at Eagle Square, Tinubu declared an end to the fuel subsidy, noting that there was no provision for it in the federal budget from June 2023.