President Bola Tinubu defended his administration’s decision to abolish fuel subsidies during a meeting of the APC national caucus held at the State House in Abuja. He claimed that Nigeria would not have been able to sustain the financial burden of the subsidy, which was removed in May 2023.
“While I acknowledge that some of our policies are difficult, there is simply no way Nigeria could have continued to pay the fuel subsidy,” stated Tinubu. The president also noted that since the subsidy’s removal, monthly allocations to state governments have tripled, saying, “I can say with confidence that each governor present here can confirm this. We have adequate funding from local sources.”
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The removal of fuel subsidies by President Bola Tinubu in May 2023 has had a profound impact on the lives of Nigerian citizens. While the policy was aimed at redirecting funds to enhance the overall economy and provide resources for essential services, it has led to increased fuel prices, contributing to a significant rise in the cost of living.
Many Nigerians now face greater economic hardship, as transportation and goods prices have soared, affecting daily life and exacerbating existing poverty levels.
The President’s remarks underscore a growing concern that certain state governors are not adequately addressing the significant hardships endured by their constituents. Despite substantial increase in federal allocation,
Nigerians believe that their leaders are failing to effectively tackle pressing economic issues, such as soaring inflation, increasing food prices, high unemployment rates, and the lack of affordable housing.
