Nigeria’s President, Bola Tinubu, Addressed the Nation on Sunday, Stating the Removal of Fuel Subsidy and Abolition of Multiple Foreign Exchange Rates to Boost Economic Growth
President Bola Tinubu has addressed the nation on the ongoing protests, stating that the government’s decision to remove fuel subsidies and abolish multiple foreign exchange rates was necessary to grow the economy and promote national development. The president emphasized that the Nigerian economy has been stagnant for decades, and the country has been unable to address its long-term problems.
Tinubu acknowledged that the government’s decision may have caused short-term pains, but it is essential for the country’s long-term growth. He stated that the removal of fuel subsidies and abolition of multiple foreign exchange rates will block the profits made by smugglers and rent-seekers, and free up resources for investment in healthcare and education.
The president highlighted the significant progress made by his government in rebuilding the economy’s foundation, including a 108% increase in aggregate government revenues, a 68% reduction in revenue spent on debt servicing, and the clearing of legitimate foreign exchange obligations.
Tinubu also emphasized that his administration has made significant strides in infrastructure development, including the completion of inherited projects such as roads, bridges, railways, power, and oil and gas developments. He stated that the country is experiencing a resurgence in its oil and gas industry, with oil production increasing to 1.61 million barrels per day.
The president also announced plans to distribute conversion kits to commercial vehicles to reduce transportation costs and help curb inflation. Additionally, he stated that his administration has established programs to support small businesses, including the Skill-Up Artisans Programme (SUPA), Nigerian Youth Academy (NIYA), National Youth Talent Export Programme (NATEP), and nano-grants.
Tinubu emphasized that his government is committed to supporting farmers and increasing food production at affordable prices. He directed that tariffs and other import duties should be removed on rice, wheat, maize, and sorghum for the next six months.
The president urged Nigerians not to let anyone misinform them about the country or tell them that the government does not care about them. He assured Nigerians that they are in a new era of Renewed Hope and urged them to work together to build a brighter future for themselves and generations to come.
Security operatives were also charged to maintain peace, law, and order following the necessary conventions on human rights, as Nigeria is a signatory to these conventions.
Tinubu concluded by stating that safety and security are paramount for all Nigerians.
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