Nigerian President Bola Tinubu has finally addressed the contentious issue of ending the fuel subsidy.
He broke his silence on the matter, which he initially announced as “gone” during his inauguration two weeks ago. The decision resulted in a rapid increase in petrol prices.
Speaking on Nigeria’s Democracy Day holiday, President Tinubu empathetically stated, “I feel your pain,” acknowledging the concerns of the citizens regarding the removal of the fuel subsidy.
In exchange for the ending of the subsidy, Tinubu promised that he would repay Nigerians “through massive investment in transportation infrastructure, education, regular power supply, healthcare and other public utilities that will improve the quality of lives”.
But he said that sacrifices must be made: “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.”
The sudden announcement of the end of the fuel subsidy during President Bola Tinubu’s initial moments in power came as a surprise to many, despite expectations for its eventual termination.
For a significant number of Nigerians, the subsidy had been viewed as one of the few benefits provided by the state. However, it also placed a substantial burden on public finances, prompting the need for its cessation.
The occasion of Democracy Day holds special significance as it commemorates Chief Moshood Abiola, who was presumed to be the winner of the 1993 presidential election held on June 12. Regrettably, the military annulled the election, and this day serves as a tribute to his memory.