President Bola Tinubu has appealed to Nigerians to bear the inconveniences brought about by the removal of fuel subsidy; describing the policy as painful but necessary
The President made the call on Sunday during a Broadcast to the Nation on the backdrop of the ongoing Nationwide Protest against Hardship and Hunger with the hash tag #EndBadGovernance
In his address, the President said the economy had taken a dip due to bad economic policies taken over the years; prompting the need for drastic actions such as the removal of subsidy to solve long-term problems
He said the aim of the policy was to block the profits made by smugglers and rent-seekers as well as the undue benefits extended to neighbouring countries through subsidy payments
The return of petrol subsidy has been one of the key demands of young Nigerians participating in the Nationwide protest which started on Thursday
President Tinubu had announced the removal of petrol subsidy during his inaugural speech as President on the 29th of May, 2023.
The price of the product has since jumped from around N184 to over N700 per litre – across the country.
Aside from a reversal of the fuel subsidy policy, protesters’ demands are also asking for a return to previous forex regime, solution to food shortages, unemployment and the wasteful spending by elected officials occupying public office.
Other demands are a reduction of the President’s cabinet and general cost of governance, immediate reforms of INEC and the anti-graft agency EFCC with a renewed commitment to fighting corruption.