The President, Bola Ahmed Tinubu has said that the reasons for subsidy removal is to Foster Economic Growth in Nigeria and investors confidence.
Recall that, on May 29, 2023 President Tinubu in his first speech as president declared that “fuel subsidy is gone”, since then pump prices has been on the hike.
Tinubu reacting to the complains concerning the subsidy removal at the 78th session of the United Nations General Assembly on Wednesday, September 19, noted that the system was corrupt that is why it was removed.
He said, “To foster economic growth and investor confidence in Nigeria, I removed the costly and corrupt fuel subsidy while also discarding a noxious exchange rate system in my first days in office.
“Other growth and job oriented reforms are in the wings.”
Meanwhile, the Nigeria Labour Congress has been protesting against the government’s removal of fuel subsidy.
The Union’s President, Joe Ajaero noted that “the removal of fuel subsidies is a direct attack on the poor and working people of Nigeria.”
He also said, “It is an attempt to impoverish our people further and make life more difficult for them.”
