News

President Tinubu Reveals why he Included Fuel Subsidy Removal in his Inauguration speech

Published

3 years ago

June 24, 2023

672 Views

Nigerian President, Bola Tinubu has on Friday described fuel subsidy as a “scam” and disincentive to growth, saying it rewarded smugglers and reduced the burden of the “real cost” of the commodity for some countries.

Tinubu made the assertion during a meeting with members of the Nigerian community in France, said a statement by his Special Adviser on Special Duties, Communication and Strategy, Dele Alake, later that day.

Addressing Nigerians in France, Tinubu explained that the Special Adviser on Monetary Policy, Wale Edun and Alake had excluded fuel subsidy removal from his inaugural speech, “but he felt it was expedient to stop the subsidy on the first day”.

President Bola Tinubu meets with Nigerians in Paris, France on Friday, June 23, 2023. Photo: State House
This marked the first time the President would publicly comment on his May 29 inaugural speech, in which he declared that fuel subsidy is gone.

The comment sparked a near-instant hike in prices and hoarding, leading to calls for protests by the Nigeria Labour Congress (NLC). This is despite former President Muhammadu Buhari’s early moves to end the payment of fuel subsidy by June.

President promised to reposition the education and health sectors, adding that ongoing reforms on the economy would be sustained and expanded, with a view to relieving families struggling with the burden of poverty and insecurity.

The remarks come 11 days after the President signed the Students Loan Bill into Law.

See the full statement below:

STATE HOUSE PRESS RELEASE

DIASPORA NIGERIANS POUR ENCOMIUMS ON PRESIDENT TINUBU FOR DECISIVE ACTION ON ECONOMY, PRESIDENT PROMISES TURN AROUND IN EDUCATION, HEALTH, SPORTS, SECURITY,

ENERGY

President Bola Ahmed Tinubu Friday in Paris–France 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.

In an interactive session with members of Nigerian community living in France, who lauded President Tinubu for taking bold, decisive and visionary steps in fixing the economy, the Nigerian leader said more creative and innovate policies will be explored and implemented in areas that directly impact livelihood of Nigerians, like electricity sports and energy.

“To all of you, our hope renewed,’’ he said, welcoming plethora of suggestions going forward for the economy, and explaining some of the short-term and long-term framework for providing growth opportunities for individuals, families and institutions.

President Tinubu said 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.

“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,’’ the President told the gathering of professionals, including David Alaba, a footballer.

The President said 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.

President Tinubu explained that the fuel subsidy was a “scam” and disincentive to growth as it rewarded smugglers and reduced the burden of real cost of the commodity for some countries.

He said 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.

“It was the next day I called the GMD of NNPL,’’ he said.

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, 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 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.

Special Adviser to the President
Special Duties, Communication and Strategy
June 23, 2023

Related Topics:Featured Fuel Subsidy Removal Tinubu

Up Next

CBN Urges Banks to Obtain Customers’ Social Media Handles For easy Identification

Don't Miss

PARIS SUMMIT: Africa Remains Centrepiece of Nigeria’s Economic, Foreign Policy – President Tinubu

Click to comment

News

FG launches new digital postcodes

The code is designed to provide a precise, GIS-enabled reference for identifying locations.

Published

11 hours ago

October 1, 2026

OCHEFA

23 Views

• Image credit: NIPOST

The Federal Government has launched the National Digital Alphanumeric Postcode System, urging Nigerians to find and begin using their postcodes.

The National Digital Alphanumeric Postcode, operated by the Nigerian Postal Service, gives every addressable building a unique 11-character code — the code is designed to provide a precise, GIS-enabled reference for identifying locations.system. Easier to find, share and use.

The Minister of Communications, Innovation and Digital Economy, Bosun Tijani announced the launch in a post on X on Thursday.

Tijani described the system as a step towards making locations across the country easier to identify and connecting people and businesses to services and opportunities.

Tijani said the system could help businesses reach customers beyond their immediate neighbourhoods, enable families to provide accurate locations during emergencies and help government agencies reach communities with essential services.

The minister encouraged Nigerians to search for their postcodes through the official Digital Postcode website, postcode.gov.ng, and share them with family members, friends and businesses.

News

Nigeria @ 66: President Tinubu says next phase of reforms’ll cut cost of living

“Our reforms did not create the weaknesses in our economy. They confronted them,” he said, while warning against attempts to reverse the policies and return to what he described as the “abuse of addictive subsidies”.

Published

13 hours ago

October 1, 2026

OCHEFA

27 Views

President Bola Tinubu has declared that the next phase of his administration’s reform will be focused on reducing the cost of living, creating jobs and ensuring that the benefits of economic growth were widely shared.

President Tinubu gave the assurance in his Independence Day address to mark Nigeria’s 66th anniversary, titled “From Reform to Prosperity”, in which he defended the economic policies of his administration and urged Nigerians to stay the course.

Tinubu said the reforms undertaken since his assumption of office had corrected the country’s economic direction, describing them as painful but necessary treatment for longstanding structural problems.

Using a cancer patient as an analogy, the President said Nigeria had for too long treated the symptoms of its economic problems rather than confronting their underlying causes.

“By 2023, poverty was rising, and hope was nearly gone. The country’s situation was darker than ever. We had no choice but to act,” he said.

Tinubu said previous administrations had chosen “morphine” by sustaining inefficient arrangements and postponing difficult decisions, while his administration chose to “excise the cancer”.

He acknowledged that the reforms had produced painful “side effects”, but argued that the hardship should not be confused with the underlying economic problems they were designed to address.

The President’s speech came as some stakeholders and analysts regretted that, despite various reforms embarked upon by successive Federal Governments, the country was yet to come out of the woods economically and socially.

News

Atiku Demands Release of 5 Arrested Over ‘Tinubu Must Go’ T-Shirts

Published

1 day ago

September 30, 2026

Charles Flames

24 Views

Former Vice President Atiku Abubakar has demanded the immediate release of five men arrested in Borno State for wearing T-shirts bearing the slogan “Tinubu Must Go.”

In a statement issued on Wednesday, the African Democratic Congress (ADC) presidential candidate condemned the arrests, describing the slogan as a legitimate political expression rather than a crime. He argued that wearing a T-shirt with a political message should not lead to detention in a democracy.

The five men — identified as Baba Aji Gremami, Mustapha Abba Yemen, Abacha Mohammed Ali, Adam Umar Gubio and Abdulhamid Mohammed — were reportedly arrested by the Borno State Police Command in Maiduguri and charged with offences including criminal conspiracy and inciting disturbance.

Atiku recalled that President Bola Tinubu had previously protested against the fuel pricing policies of the Goodluck Jonathan administration. He insisted that Nigerians must equally be free to express dissatisfaction with current government policies.

“‘Tinubu Must Go’ is a demand for political change. It is not a weapon, a threat or a crime,” Atiku said. “Tinubu was free to tell Jonathan that his policies were hurting Nigerians. Nigerians must be free to tell Tinubu that his policies are hurting them. Release these five citizens now.”

He called on the authorities to disclose the detainees’ whereabouts, grant them access to their families and lawyers, and free them if the political slogan was the sole basis for their arrest.