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Subsidy: I’ll reward your sacrifices, Tinubu assures Nigerians
President Bola Tinubu has pledged to reward the sacrifices made by millions of vulnerable Nigerians who are currently grappling with the consequences of the discontinuation of petroleum subsidy.
In his address on Democracy Day, Tinubu announced that his administration will make massive investments in transportation infrastructure, education, regular power supply, healthcare, and other public utilities to enhance the quality of life in the country.
Acknowledging the pain felt by Nigerians, the President emphasized the necessity of enduring temporary discomfort to save the nation from further economic decline. Tinubu's decision to eliminate the subsidy, which he expressed during his inaugural speech on May 29, was driven by the rising costs that could no longer be justified, considering the depleting resources.
Following Tinubu's announcement, petrol pump prices nationwide increased from N195 to approximately N500, accompanied by ancillary price hikes.
Addressing the aftermath of this move, Tinubu stated, "In my inauguration address on May 29, I gave effect to the decision taken by my predecessor to remove the fuel subsidy burden and redirect the much-needed resources, which were previously benefiting only a few wealthy individuals, for the collective use."