Fuel Subsidy Removal Has Imposed Extra Burden On Nigerian Masses - President Tinubu Admits

President Bola Tinubu on Monday said he is aware that the decision of the government to do away with the payment of fuel subsidy would impose an extra burden on the masses of our people adding that the way forward is for Nigerians to sacrifice for the survival of the country. Tinubu stated this in his maiden Democracy Day speech, while hailing the winner of the June 12, 1993 presidential election, Chief MKO Abiola.

He described the late businessman who died in suspicious circumstances after his election was annulled by the late Gen Sani Abacha, as the symbol of democracy. He said, I feel your pain. This is one decision we must bear to save our country from going under and take our resources away from the stranglehold of a few unpatriotic elements.

It is for this reason that, in my inauguration address on May 29, I gave effect to the decision taken by my predecessor-in-office to remove the fuel subsidy albatross and free up for collective use the much-needed resources, which had hitherto been pocketed by a few rich.

I admit that the decision will impose an extra burden on the masses of our people. Painfully, I have asked you, my compatriots, to sacrifice a little more for the survival of our country. For your trust and belief in us, I assure you that your sacrifice shall not be in vain. The government I lead will repay you through massive investment in transportation infrastructure, education, regular power supply, healthcare, and other public utilities that will improve the quality of lives.

In his inaugural speech on May 29, the President had stated that the fuel subsidy could no longer justify its ever-increasing costs in the wake of drying resources. Therefore, it had to go. Hours after Tinubu’s announcement, the petrol pump prices skyrocketed from N195 to N537 nationwide, alongside an ancillary price increase.