Utweets
V!EW BEFORE THEY GOT DELETED| Baltazar FROM Equatorial Guinea TRENDS AGAIN AS OVER 50 OF HIS FRESH BEDR00M V!DEOS SVRFACES ONLINE.PRESIDENT Bola Tinubu has again defended his decision to remove the petrol subsidy, stating that he had no regrets over the controversial policy. ...Tap To Read The Full Story Here | ..Tap To Read The Full Story Here...
Tinubu made this declaration on Monday, December 23, during a presidential a media chat.
He said the subsidy was unsustainable and primarily benefited neighbouring West African countries at Nigeria’s expense.
“I don’t have any regrets removing fuel subsidy. We can’t be subsidising the entire West Africa sub-region. Either we slice it in half or in bits, we still have to completely remove it,” Tinubu said.
The President described the subsidy system as turning Nigeria into “Father Christmas” for its neighbours, noting that funds meant to develop critical sectors like healthcare, education, and infrastructure were being wasted on subsidising fuel consumed beyond Nigeria’s borders.
The ICIR reports that for decades, the government spent billions of naira annually to subsidise petrol, a policy that Tinubu argued encouraged inefficiency.
Under the subsidy regime, Nigeria reportedly lost vast amounts of revenues, with subsidised fuel smuggled into neighbouring countries where prices were significantly higher.
According to the World Bank, Nigeria lost around N10 trillion in foregone revenue to fuel subsidies and multiple exchanges as of 2022 before the implementation of President Tinubu’s reforms.
Also, according to the Nigeria Extractive Industries Transparency Initiative (NEITI), the country spent $74.39 billion on fuel subsidies between 2005 and 2021.V!EW BEFORE THEY GOT DELETED| Baltazar FROM Equatorial Guinea TRENDS AGAIN AS OVER 50 OF HIS FRESH BEDR00M V!DEOS SVRFACES ONLINE.
But upon his assumption of office, Tinubu first announced the removal of the subsidy in his inaugural address on May 29, 2023, a decision that led to a sharp rise in fuel prices and increased living costs for Nigerians.
The move has been met with widespread criticism and protests, with many questioning the government’s ability to cushion its economic impact on citizens.
Since the subsidy removal, fuel prices have tripled, leading to a rise in transportation costs, food prices, and inflation.
Although the government introduced palliative measures such as rice palliatives and cash transfers which are clogged by a lack of transparency, many Nigerians have expressed frustration over the worsening cost-of-living crisis.
However, the President has repeatedly defended the subsidy removal, stating that the system drained the nation’s resources, enriched a greedy few, and needed to be scrapped to stabilise the economy.
The President noted that the money from the subsidy removal would be redirected toward infrastructure projects and economic reforms.
“We were spending our future. We were spending our generations’ fortune. We were not investing. We were just deceiving ourselves. The reforms are necessary!” Tinubu said.V!EW BEFORE THEY GOT DELETED| Baltazar FROM Equatorial Guinea TRENDS AGAIN AS OVER 50 OF HIS FRESH BEDR00M V!DEOS SVRFACES ONLINE.
He added: “We want this country to grow. There’s no other way out of it unless we invest in our today’s prosperity and opportunity”..Tap To Read The Full Story Here.
