KEY POINTS
- Tinubu defends removal of fuel subsidy as unfundable.
- It provides economic history which highlights fiscal discipline and increase revenue generation.
- In regard to corporate security and shadow empowerment programs.
President Bola Ahmed Tinubu at his first presidential media chat Wednesday reiterated his stance on removing fuel subsidy, saying he has no regrets on the decision.
Tinubu said the subsidy was unsustainable with the economy and had been destroying the fiscal health of Nigeria, arguing instead that the unintended benefits the subsidy had on other neighboring countries.
Tinubu said: ‘We can’t subsidize the whole West Africa sub region. “So whether we chop it into two or bits, we still have to completely get rid of it.”
National progress and economic reforms
Tinubu, however, cited beyond subsidy removal major strides in fiscal management, and said his administration has departed from “ways and means” borrowing that made the country unsustainable.
‘The country has embarked on the road to economic recovery through fiscal discipline and the increase of revenue generation,’ he added.
He pointed to enhanced local government autonomy as a major milestone and said of such autonomy: ‘We have more revenue being generated and distributed.’ Tinubu linked this development to his previously made pronouncement in support of people at the grassroots level, recalling his time as Lagos State Governor.
The President added that the nation’s national security has also improved significantly. However, two decades of wanton killings have been addressed. But today, you can go on the roads. It was ‘impossible before now,’ he added, noting that the military remains vigilant against both internal and external threats.
As challenges continue, Tinubu also spoke optimistically of Nigeria’s progress under his presidency. “It’s not something we can do in one calendar year,” he admitted. “Nigeria is on the path unto recovery regardless critics.”
