Bola Ahmed Tinubu, Nigeria’s 16th President, justified his administration’s decision to remove the fuel subsidy while attending the G20 Compact with Africa Conference in Berlin, hosted by German Chancellor Olaf Scholz.
Speaking at the German-Nigerian Business Forum, Tinubu highlighted his administration’s commitment to addressing historical economic challenges that have plagued citizens with poverty.
Emphasizing his reform agenda, Tinubu stated, “Nigerians voted for reforms, and from day one, I initiated changes.” He humorously commented on his efforts, expressing a willingness to insert himself into the Guinness Book of Records for the unexpected nature of his initiatives.
Tinubu defended the removal of the subsidy, labeling it a burden riddled with fraudulent activities, emphasizing that it had been detrimental to Nigerians since he took office. He proudly announced that within months, his administration had saved over a trillion Naira by eliminating the subsidy, redirecting these funds toward more impactful avenues.
In a nationwide address, President Tinubu assured citizens that the saved funds would support initiatives such as affordable education and student loans, ensuring no student had to abandon their education due to financial constraints. He reassured the public of measures to manage the effects of inflation on gasoline prices, promising interventions when necessary.
Highlighting his administration’s plans for mass transit, Tinubu detailed a program to roll out affordable CNG-fueled buses across states and local governments, aiming to invest N100 billion by March 2024 to acquire 3000 buses.
In fulfilling this commitment, Tinubu handed over the first CNG bus to the State House in October 2023, signaling the practical realization of his promise. Additionally, the Presidential CNG Initiative’s Project Director revealed state governments’ interest in investing in these buses.
Speaking on the government’s pledges, Chief Bayo Onanuga, Special Adviser to the President on Information and Strategy, reiterated President Tinubu’s determination to deliver on the commitments made to the people. He assured Nigerians of the administration’s dedication to fulfilling promises and expressed confidence in Tinubu’s ability to lead the nation toward positive change.