President Bola Tinubu has stated that instead of announcing the elimination of the subsidy, he might have collected his portion of the income.
The president stated that he will not demand his part of the income from subsidy payments because his government requires the finances to fulfill the campaign promises made to Nigerians.
Tinubu stated that the country’s coffers should never be bled further by the petrol subsidy and the arbitrary currency rate regime.
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The Nigerian leader stated that keeping the petrol subsidy would contribute to the country’s economic devastation, and that the efficacy of control and administration of the country’s resources needed to be re-engineered.
According to news sources, Tinubu made these remarks on Thursday while speaking at a reception hosted by the Lagos State Government at the State House, Marina.
He said: “You all can see now that it pays to persevere. Thank you for spreading the understanding to our Nigerian people that we need to take the steps to stop the bleeding of our finances through speedy action of fuel subsidy removal. We have no choice.
“We will need the necessary resources to achieve the promise made to Nigerians during our campaign. We need to stop the bleeding of our finances through fuel subsidy and the arbitrary exchange regime. We have no choice.
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“We have to re-engineer the effectiveness of control and management of our resources to meet the obligations owed to Nigerians.
“I could have said yes, I want a share of my benefit and participate in the arbitrage. But no, God forbid. That’s not why you elected me.”
He added: “We have to re-engineer the financial system of the country…and see that our economic planning and budgetary process is transparent enough to cater for all Nigerians. Nigeria can’t afford to be Father Christmas to other countries. We can’t just afford to continue paying the subsidy.
“Nigerians elected me to bring about “necessary changes that will benefit not only you but your grandchildren and our tomorrow.”
According to the president, Nigerians will continue to see more and improved efforts to help both the young and old.
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He also promised to collaborate with the National Assembly and state governors to carry out his administration’s renewed hope program.
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