President Bola Tinubu.
On Wednesday, President Bola Tinubu admitted that his decisions to eliminate fuel subsidies and stabilise the foreign exchange rate have put Nigerians through difficult times.
He emphasised, however, that the difficult times were a necessary sacrifice to ensure better times in the future.
Tinubu made the remarks at the start of the 19th All Nigeria Editors Conference, which was hosted by the Nigerian Guild of Editors in Uyo, Akwa Ibom State’s capital.
In order to prevent the economy from suffocating, the president—who was accompanied by Mohammed Idris, Minister of Information and National Orientation—said he had to eliminate the fuel subsidy.
According to him, “The removal of subsidy on petrol and the convergence of the foreign exchange rate were inevitable decisions to save the economy from suffocation.
“Though Nigerians are going through tough times in the short term, it is a necessary sacrifice that we must make to guarantee a better future.
“That is why we have put in place palliatives and other measures to cushion the effect of these hard times, which is a bridge to the renewed hope agenda, where we will all have lasting smiles on our faces as we turn the tide together.”
According to the President, his administration has been making all necessary efforts to ease the pain caused by the removal of fuel subsidies because of the negative economic impact. These interventions are intended to act as palliatives in the short and medium term, while the country waits for the reforms’ long-term benefits.