Asuquo Cletus Felix | 12th June 2023
Nigeria's President Bola Ahmed Tinubu, said with the removal of fuel subsidy, his administration will invest massively in the area of education, infrastructure, regular power supply, healthcare, and other public utilities that will improve the quality of lives.
Speaking during his democracy day address to Nigerians, Monday, June 12, President Tinibu noted that with the removal of the fuel subsidy which he described has been pocketed by a few rich, his administration now have the opportunity to invest massively in other sector of the economy, as well as offering selfless service to the people, and delivering concrete democracy dividends in accordance with the country electoral promise.
He further called on the citizens to be patient as his government saying he understands the extra pains and burden caused by the policy.
He said "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 extra burden on the masses of our people. 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.
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."
On May 29th president Bola Ahmed Tinubu during his Inauguration as Nigeria's President, in his acceptance speech had declared the immediate removal of fuel subsidy.
Upon his declaration, filling stations in major cities immediately began hoarding PMS which resulted to a significant hike in the cost of transportation, and other social amenities in the country and the situation was further worsen with an official increase in the price of petroleum products by NNPC.
