President Bola Tinubu said on Friday that it was critical for him to order the immediate withdrawal of the fuel subsidy because the government had been feeding smugglers for years due to the subsidy.
Since announcing the end of the subsidy regime on May 29, just an hour into his presidency, the average cost of living has more than doubled across the country, with worse performances in the country’s most economic cities.
This unphased elimination of the fuel subsidy has also been criticised by industry stakeholders and unions. The Nigeria Labour Congress called the federal government “incompetent” and threatened a nationwide rally on Wednesday to protest the subsidy removal.
The News Digest observes that Nigerians are more upset about the lack of a cushion to help the average Nigerian manage the rising cost of living than the elimination of subsidy itself.
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But the President warned that if the subsidy removal was left unattended to, it would bring the nation to its knees. He made this statement during a meeting with traditional chiefs on Friday.
“Why should we in good heart and sense, feed smugglers and be ‘Father Christmas’ to neighbouring countries, even though they say not every day is Christmas?
“The elephant that was going to bring Nigeria to its knees is the subsidy. A country that cannot pay salaries and we say we have potential to encourage ourselves,” he said.
Despite widespread criticism of the Tinubu administration’s strategy from statesmen and opposition party members alike, the President stated, “I think we did the right thing.”
In addition, the President expressed his displeasure with the reoccurring oil theft in the Niger Delta region and guaranteed his administration’s determination to put an end to the sabotage.
“We need to tame those involved in this sabotage and we will work as hard as possible to ensure that the diversity of this country is used for its prosperity, growth and stability,” he added.
