Tinubu signals intent to scrap fuel subsidy, address multiple exchange rate system

Tinubu signals intent to scrap fuel subsidy, address multiple exchange rate system

President-elect Bola Ahmed Tinubu has indicated his intention to remove petroleum subsidy and address the issue of multiple foreign currency exchange rates as part of his administration’s agenda.

Speaking at a public lecture and Jumat prayer held at the National Mosque in Abuja on Friday, Tinubu called for the support of Nigerians in tackling the challenges facing the nation.

Represented by Vice President-elect Kashim Shettima, Tinubu emphasized the need for unity and urged Nigerians to stand together as the government works to overcome the nation’s various challenges.

He assured the public that his administration would be fair-minded and committed to serving all Nigerians, regardless of political, religious, or tribal affiliations.

Acknowledging the pressing time and urgent nature of the challenges, Tinubu stated that Nigeria cannot afford to delay addressing issues such as the burden of petroleum subsidy and the multiple exchange rate system, which he referred to as a drain on the national economy.

He indicated that certain decisions would be taken to address these issues, and in due time, Nigerians would come to appreciate and celebrate the government’s actions.

Tinubu also expressed his commitment to women’s representation in the incoming administration, assuring them of pride of place and fair compensation for their contributions.

In attendance, President Muhammadu Buhari, represented by the Secretary to the Government of the Federation, Boss Mustapha, acknowledged that the economic and security challenges faced by Nigeria are not unique and are experienced globally.

The out-going president highlighted the resilience and resourcefulness of Nigerians in overcoming difficult situations, as demonstrated during the COVID-19 pandemic and international conflicts.

President Buhari called for cooperation and support for the newly elected leaders, emphasizing the importance of peaceful coexistence, respect for the rule of law, and harnessing Nigeria’s diverse strengths for progressive development.

He affirmed that a solid foundation has been laid by the previous administration, providing a platform for future administrations to build upon.

As President-elect Tinubu prepares for his inauguration on May 29th, his remarks indicate a commitment to addressing crucial issues such as fuel subsidy and exchange rate policies.

The success of these reforms, along with the support and cooperation of the Nigerian people, will be key factors in achieving the government’s goals of economic stability and development.


Integrity News Nigeria 1

Learn More →

Leave a Reply

Your email address will not be published.