President Bola Tinubu has revealed that he went off script to announce the removal of the fuel subsidy during his inaugural speech at Eagle Square, Abuja on May 29. He said that those who wrote his address did not include the policy in it, but he decided to declare it anyway.
Tinubu made this disclosure on Friday in an interactive session with Nigerians living in France, where he attended the Paris Summit for New Global Financing Pact. He explained that the fuel subsidy was a scam that rewarded smugglers and drained public funds.
He said that his government would not provide funds to subsidize the product, and that the money saved would be invested in public infrastructure and social welfare.
Tinubu also defended his administration’s decision to abolish multiple exchange rates and streamline the foreign exchange policy. He said that these reforms were necessary for the nation’s economic survival and competitiveness.
He assured investors that Nigeria was ready for business and prepared to welcome investments in areas of its comparative advantage, especially agriculture.
The president said that he was aware of the challenges facing the country, such as inflation, unemployment and insecurity. He promised to release his economic roadmap in the coming weeks and hinted at employing more security personnel to tackle the security crisis. He also said that women and young people would feature prominently in his administration.