Fuel Prices With Fuel Subsidy Today’s News 28, April 2024 President Tinubu Speech
Fuel Prices With Fuel Subsidy Today’s News 28, April 2024 President Tinubu Speech
Fuel Subsidy: President Bola Tinubu claimed the subsidy was discontinued to keep Nigeria from going bankrupt. Tinubu made the remarks while presenting as a panelist at the World Economic Forum in Riyadh, Saudi Arabia, on Sunday. The World Economic Forum’s gathering focuses on Global Collaboration, Growth, and Energy for Development.
Recall that President Tinubu declared the abolition of petrol subsidies on the day he took office. However, the program resulted in a jump in commodity prices and increased suffering in the country. Speaking about the removal of petrol subsidies, President Tinubu stated that it was necessary to reset the economy.
He stated, “For Nigeria, we are extremely consistent in our belief that economic collaboration and inclusiveness are required to foster stability in the rest of the world.” “Concerning the question of the subsidy removal, there is no doubt that it was a necessary action for my country not to go bankrupt, to reset the economy and pathway to growth,” he stated.
Tinubu stated that he believed it was in the best interests of the people. He stated, “It will be difficult, but the hallmark of leadership is making difficult decisions when they should be made decisively.” That was essential for the country.
“Yes, there will be backlash, and it is expected that the difficulties will be felt by a larger number of people, but if I think the government is focused on their interests, it is simpler to manage and explain the challenges.
“Along the way, there is a parallel structure in place to cushion the impact of subsidy reduction on the country’s most disadvantaged population. We all share the grief, and we can’t help but include the most vulnerable.
“Fortunately, we have a very lively young population interested in making their discoveries, and they are highly prepared for technology, a strong education, and a commitment to growth. “We can manage that and partition the economic drawback and the fallout of subsidy removal.”
Tinubu claimed that the withdrawal of fuel subsidies resulted in more accountability, transparency, and physical discipline in the country. According to Tinibu, it is more vital to focus on where the country should go.
On exchange rate unification, President Tinubu stated that the government’s control of the country’s currency was also required to allow the Naira to compete well with other global currencies.
He stated, “Currency management was required to remove the false aspects of value in our currency. Allow our local currency to find its level and compete with the rest of the world’s currencies while eliminating arbitrage, corruption, and opacity. “We accomplished it at the same moment.
That is a two-engine problem in a very challenging situation for the government, but we can manage the turbulence because we are equipped for inclusive governance and swift communication with the public to truly see what is necessary and what you must do.”
