Tinubu Reveal The Reason Why He Removed Fuel Subsidy And Why He Sack CBN Governor Emefiele

President Bola Ahmed Tinubu on Friday While in France told Nigerians in France that he removed fuel subsidy because it was a scam. Tinubu made this statement during an interactive session with Nigerians living in France. He explained that fuel subsidy is disincentive to growth as it rewarded smugglers and reduced the burden of real cost of the commodity for some countries.

The president stated that the Special Adviser on Monetary Policy, Wale Edun and Special Adviser on Special Duties, Communication and Strategy, Dele Alake, had excluded fuel subsidy removal in his inaugural speech, but he felt it was expedient to stop the subsidy on the first day in office.

Tinubu however, assured Nigerians of repositioning the education and health sectors, while the ongoing reforms on the economy will be sustained and expanded, with a view to relieving families struggling with the burden of poverty and insecurity. He further stated that more creative and innovative policies will be explored and implemented in areas that directly impact livelihood of Nigerians, like electricity, sports and energy.

President Bola Ahmed Tinubu further stated that the interest of Nigerians will always be protected, even in engagements with the international community, governments and multilateral institutions on global issues relating to climate change, energy transition, food security, trade, security and diplomacy.

According to his words; “We have transport challenges, electricity challenges, infrastructural challenges and others. I let out the giant elephant of fuel subsidy without bringing down the house,’’ he said, adding, “Our diversity is our asset, if we know how to use it.’’

“We must promote unity and stability for all. Whether you voted for me during the elections, or not, I am your President. I will work on your behalf to ensure a turning point of prosperity,’’ President Bola Ahmed Tinubu stated.

The President further stated that he was presented with an option of meeting with a handful of Nigerians in France, but he preferred a larger number, pledging to be persistent, determined and focused on reforms for a better country.

Nigeria’s Ambassador to France, Kayode Laro, thanked the President for accepting the proposal for the meeting with Nigerians on short notice and tight schedule, while the Chairman of the Nigerians in Diaspora Commission, Abike Dabiri-Ereluwa introduced some of the experts in France.

“We have Nigerians who are doing great today among us. We have the diaspora day and diaspora investment summit that provides opportunities for us to celebrate them, and attract new interests,’’ she said.

Prof Emmanuel Iga, Abiodun Odunuga and Anino Elawa, commended the President for the great steps taken in three weeks to reposition the economy.

“You have shown we have a committed and competent leader. You are the first President, who has no godfather. You are your godfather. We are impressed with the removal of subsidy and streamlining of foreign exchange. We will wait for the palliatives,’’ Iga said. Nigerians at the event assured President Tinubu of their full support for his progressive ideas.

Meanwhile, President Bola Ahmed Tinubu has broken his silence on the suspended Governor of the Central Bank of Nigeria (CBN). He spoke during an interactive session with Nigerians resident in France and neighboring European countries on the sidelines of the New Global Financing Pact Summit in the French capital, Paris. The President said the nation’s financial system under the suspended Emefiele was rotten. He stated that many Nigerians abroad were unable to send money to their relatives because of the multiple exchange rates, adding that it has become a thing of the past now.

According to his words; “The financial system was rotten. Few people making bags of our money and then you yourself, you stopped sending money home to our poor parents. Several windows… but that is gone now, is gone. The man is in the hands of authorities, something is being done about that, they will sort themselves out.” he stated. Emefiele was suspended from office on June 9, 2023 and has since been in DSS custody.

Austine Ikeru
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