A defiant President Bola Ahmed Tinubu came out in stout defence of his economic reforms which have unleashed hunger on Nigerians, saying that he does not regret removing the fuel subsidy immediately he assumed office on May 29, 2023.
The subsidy removal had led to astronomical hikes in the pump price of petrol from N195 per litre to arounf N1,000, leading to corresponding increases in transport costs and food prices and widespread hardship in the country.
Speaking during the first presidential media chat aired by NTA on Monday night, Tinubu said he made the decision to preserve Nigeria’s future and that of generation yet unborn.
Asked if he thought he should have phased the removal of the subsidy and floating of naira, Tinubu said: “Why should you have expenditure that you don’t have revenue to take care of. I don’t want to question people that drive Limousines on the road. We should teach management in all our programmes. There is no way we would give out fuel and allow all the entire neighbouring countries as father Christmas (to have our fuel). I don’t have any regret whatsoever removing the subsidy.”
The President also ruled out the use of price control as a means of bringing down food prices, saying that the forces of demand and supply would eventually force down the prices.
He stated: “I don’t believe in price control. I’m sorry. What we have to do is to keep supplying the market.”
President Tinubu also doubled down on his signature tax reform bills currently under consideration at the National Assembly (NASS), saying that the policy is given and has come to stay.
Even though the tax reform bills have generated controversies and met push back especially from the Northern leaders, forcing the lawmakers to initiate consultation, Tinubu said that it might not be embraced by everybody, but “the tax reform is here to stay. The reform is pro-poor and it is to widen the tax net, so we can have more people paying.
“The hallmark of a good leader is the ability to do what you have to do at the time it ought to be done.”
But the President noted that he is open to negotiations on the issue.
“Tax matters are subjects of debates and negotiations. I don’t mind cutting edges. I will,” he added.
