President Bola Ahmed Tinubu clarified that during his inauguration address on May 29, 2023, he did not mention the removal of petroleum subsidy. He made this statement while engaging with Nigerians residing in Paris, France, on Friday, following his attendance at the Summit on New Global Financing Pact.
Addressing the issue of subsidy removal, President Tinubu reflected on the circumstances surrounding the decision. He noted that some countries had been taking advantage of Nigeria’s subsidy system, benefiting only a few smugglers while draining the nation’s resources. President Tinubu expressed the importance of courage in addressing this matter and emphasized the divine opportunity he had been given to effect change in the country.
Recalling the time after his victory in the presidential election, President Tinubu shared an anecdote about a conversation he had with friends who visited him. He raised the question of what should be done with the victory and trophy he had attained. Engaging in discussions with individuals like Wale Edun, they deliberated on the content of his inaugural speech, omitting the topic of subsidy removal.
However, when President Tinubu stood at the podium to deliver his speech, he felt an overwhelming sense of courage and conviction. In that moment, he declared the removal of the subsidy. The announcement initially came as a surprise to the Nigerian National Petroleum Corporation (NNPC) because they had not anticipated such a bold move. President Tinubu explained that the decision was driven by the country’s weariness of enriching a few individuals, sustaining smugglers, and subsidizing neighboring countries.
President Tinubu’s comments shed light on the context and thought process behind the decision to remove the petroleum subsidy. He emphasized the need to break free from practices that had been detrimental to Nigeria’s economy and affirmed his commitment to bring about positive change for the nation’s progress.[logo-slider]