“It Is Gone”: Why I Announced End to Fuel Subsidy in My Inaugural Speech, Tinubu Opens Up

• Nigeria's President Bola Tinubu has cleared the air regarding the fuel subsidy removal announcement
• Tinubu during an interactive session with Nigerians living in Diaspora in France, said it was important for him to announce the end of subsidy on the first day at work, Monday, May 29
• The president who noted that subsidy is a scam assured Nigerians that his administration will provide relief that will cushion the effect on the people

President Bola Ahmed Tinubu has opened up on how his special adviser on monetary policy, Wale Edun, and special adviser on special duties, communication and strategy, Dele Alake, excluded fuel subsidy removal in his inaugural speech.

Tinubu had on Monday, May 29, announced the end of fuel subsidy in his inaugural speech, saying “it is gone.”

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Tinubu speaks on fuel subsidy removal

The announcement had sent a wave of shock across the country as fuel queues return to stations and the price of pump price was jerked up times three.

During an interactive session with members of the Nigerian community living in France, the president said he felt it was expedient to stop the subsidy on the first day, Daily Trust reported.

"Fuel subsidy is a scam," Tinubu says

He said fuel subsidy was a “scam” and disincentive to growth as it rewarded smugglers and reduced the burden of cost of the commodity for some countries.

Tinubu said the federal government had to save money to provide palliatives, assuring Nigerians of repositioning the education and health sectors, Leadership report added.

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Adesina Meets Tinubu in Paris, Makes 1 strong promise To Nigerian president

The President of the African Development Bank Group, Akinwumi Adesina, has applauded the commitment of President Bola Ahmed Tinubu toward building a strong economy for the country.

Adesina, who met with President Tinubu during the new global finance pact summit in Paris, France, said the African Development Bank will support Tinubu’s vision for the Nigerian economy.

He disclosed via his Twitter handle @akin_adesina on Friday, June 23.

“We are ready for business,” Tinubu woos investors in France

In a similar story, Legit.ng reported that President Bola Tinubu in Paris, France on Thursday, June 22, said ongoing reforms, starting with removal of fuel subsidy and streamlining of exchange rate, will be sustained for a more competitive economy that attracts Foreign Direct Investment (FDI), urging investors to take advantage of opportunities in Nigeria.

Tinubu gave this assurance while receiving the President and Chairman of the Board of Directors of the African Export-Import Bank (Afrexim), Prof. Benedict Oramah and the President of the European Bank for Reconstruction and Development (EBRD), Odile Renaud–Basso, in separate meetings, on the sidelines of the Summit for New Global Financing Pact.

Source: Legit.ng