President Bola Tinubu has defended his administration’s decision to remove Nigeria’s fuel subsidy, saying the naira would have become worthless if the policy had remained in place.
The president also ruled out the possibility of restoring the subsidy, insisting that Nigeria would not return to the policy.
Tinubu spoke on Friday, November 6, during a state reception held in his honour at the newly constructed Banquet Hall of ARISE Palm Resort in Uyo, Akwa Ibom State.
The reception followed an All Progressives Congress (APC) rally at the Godswill Akpabio International Stadium.
Addressing the gathering, Tinubu said 27 of Nigeria’s 36 state governors were unable to meet their salary obligations when he assumed office, adding that many could not afford to pay pensions and gratuities.
He argued that the economic reforms introduced by his administration had moved the country away from the risk of bankruptcy.
“By now, if we didn’t take a decision, the day I took over, we would use wheelbarrows to move our naira. Because it would have been valueless, nothing,” he said.
The president put the exchange rate at about ₦1,300 to the dollar, arguing that the naira had retained some purchasing power because of the decisions taken by his government.
Drawing a comparison with the biblical account of Moses leading the Israelites out of Egypt, Tinubu said Nigeria must continue moving forward rather than return to its previous economic policies.
“Nigeria will never go back to the subsidy,” he declared.
Tinubu also criticised opposition presidential candidates Peter Obi of the Nigeria Democratic Congress (NDC) and Atiku Abubakar of the African Democratic Congress (ADC).
He questioned Obi’s leadership over erosion problems in Anambra State, while accusing Atiku of leaving the Peoples Democratic Party (PDP) when his leadership came under challenge.
The president argued that their handling of the issues raised questions about whether Nigerians should entrust them with the responsibility of leading the country.
On education, Tinubu acknowledged the financial pressure facing Nigerian families and said his administration’s policy was designed to reduce the burden of tuition fees on parents and expand access to education.
“Equal opportunity for everybody who wants to read. Taking education as the greatest weapon against poverty. And creating opportunities for those who are still coming behind,” he said.
He further announced that funds recovered by the Economic and Financial Crimes Commission (EFCC) would be channelled into the government’s education programme.
“From today on, as we are fighting corruption, any money recovered from EFCC is dumped into that education program. No one can reverse it,” Tinubu said.
The president urged residents of Akwa Ibom State to support his administration and reiterated his commitment to helping bring the Ibom Deep Seaport project to fruition.
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