Subsidy: We’ll get out of this turbulence – Tinubu assures Nigerians

President Bola Tinubu, has assured Nigerians that the country will get out of the turbulence occasioned by the removal of the fuel subsidy.

Tinubu gave this assurance while speaking in a national broadcast he delivered on Monday.

He said, “We will get out of this turbulence. And, due to the measures we have taken, Nigeria will be better equipped and able to take advantage of the future that awaits her.

“In a little over two months, we have saved over a trillion Naira that would have been squandered on the unproductive fuel subsidy which only benefitted smugglers and fraudsters. That money will now be used more directly and more beneficially for you and your families.

“For example, we shall fulfill our promise to make education more affordable to all and provide loans to higher education students who may need them. No Nigerian student will have to abandon his or her education because of lack of money.

“Our commitment is to promote the greatest good for the greatest number of our people. On this principle, we shall never falter.

“We are also monitoring the effects of the exchange rate and inflation on gasoline prices. If and when necessary, we will intervene. 

“I assure you my fellow country men and women that we are exiting the darkness to enter a new and glorious dawn. 

“Now, I must get back to work in order to make this vision come true.  Thank you all for listening and may God bless the Federal Republic of Nigeria,” he said.

Tinubu had announced the removal of fuel subsidy during his inaugural speech on May 29th.

The President 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.

He explained that  he felt it was expedient to stop the subsidy on the first day.

The 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 came 11 days after the President signed the Students Loan Bill into law.