This was the first time the President had addressed the subject of the “fuel subsidy is gone” statement he made in his inaugural address on May 29 in public.
Fuel subsidies, according to President Bola Tinubu, are a “scam” and a deterrent to growth since they reward smugglers and lessen the weight of the “real cost” of the good for some nations.
According to a statement released later that day by his Special Adviser on Special Duties, Communication, and Strategy, Dele Alake, Tinubu made the claim while speaking with members of the Nigerian community in France.
Speaking to Nigerians in France, Tinubu said that the withdrawal of fuel subsidies was not included in the Special Adviser on Monetary Policy, Wale Edun and Alake’s inaugural statement, but that “he felt it was expedient to stop the subsidy on the first day.”
On June 23, 2023, President Bola Tinubu meets with Nigerians in Paris, France. Image: The State House
This was the first time the President had addressed the subject of the “fuel subsidy is gone” statement he made in his inaugural address on May 29 in public.
The Nigeria Labour Congress (NLC) called for protests after the remark caused a nearly immediate price increase and hoarding. This is in spite of early efforts made by the former president Muhammadu Buhari to stop providing fuel subsidies by June.
In order to relieve the burden of poverty and insecurity on families, the President pledged to reposition the health and education sectors and to continue and expand current economic reforms.
The President signed the Students Loan Bill into law 11 days prior to the comments.
