President Bola Tinubu has said the reason he ended the longstanding fuel subsidy and broke the hold on Nigeria’s foreign exchange system was to avert fiscal catastrophe in the country…..CONTINUE READING
TheNewsGuru.com (TNG) reports President Tinubu said this on Monday in his New Year’s day message to Nigerians.
While acknowledging the temporary discomfort, Tinubu stated that these steps were taken to secure the country’s financial stability.
He affirmed that every action, decision and international trip since assuming office on May 29, 2023, has been in the best interest of Nigeria.
Addressing concerns on rising living costs, high inflation (now above 28%) and underemployment, Tinubu acknowledged the groans of hardworking Nigerians from Broad Street in Lagos to the streets of Kano and Nembe Creeks in Bayelsa.
“Over the past seven months of our administration, I have taken some difficult and yet necessary decisions to save our country from fiscal catastrophe.
“One of those decisions was the removal of fuel subsidy which had become an unsustainable financial burden on our country for more than four decades.
“Another was the removal of the chokehold of few people on our foreign exchange system that benefited only the rich and the most powerful among us. Without doubt, these two decisions brought some discomfort to individuals, families and businesses.
“I am well aware that for some time now the conversations and debates have centred on the rising cost of living, high inflation which is now above 28% and the unacceptable high under-employment rate.
“From the boardrooms at Broad Street in Lagos to the main-streets of Kano and Nembe Creeks in Bayelsa, I hear the groans of Nigerians who work hard every day to provide for themselves and their families.
“I am not oblivious to the expressed and sometimes unexpressed frustrations of my fellow citizens. I know for a fact that some of our compatriots are even asking if this is how our administration wants to renew their h ope.
“Dear Compatriots, take this from me: the time may be rough and tough, however, our spirit must remain unbowed because tough times never last,” Tinubu said.
Despite frustrations, the President urged citizens not to lose hope, emphasising resilience in tough times. He called on Nigerians to unite and commit to being better citizens, working collectively for the good of the country in 2024.
The President pointed out that having established economic recovery plans in the past seven months of 2023, his administration is now ready to intensify service delivery across sectors…..CONTINUE READING