Politics

Tinubu: Why I Refused To Ask For My Share Of Benefit From Fuel Subsidy Payment

President Bola Tinubu has said he could have collected his share of the benefit from petrol subsidy payment instead of announcing the removal of the subsidy.

 

Advertisement

The president said he refused to demand his share of the benefit from subsidy payments because his government needs the necessary resources to achieve the promise made to Nigerians during the campaign.

Tinubu asserted that the bleeding of the country’s finances through the petrol subsidy and the arbitrary exchange rate regime should never be allowed to continue.

Advertisement

The Nigerian leader added that he would not participate in the country’s economic destruction by retaining the petrol subsidy, adding that the effectiveness of control and management of the country’s resources needs to be re-engineered.

CityNews Nigeria reports that Tinubu stated these on Thursday while speaking at a reception organized in his honour by the Lagos State Government at the State House, Marina.

Advertisement

He said: “You all can see now that it pays to persevere. Thank you for spreading the understanding to our Nigerian people that we need to take the steps to stop the bleeding of our finances through speedy action of fuel subsidy removal. We have no choice.

“We will need the necessary resources to achieve the promise made to Nigerians during our campaign. We need to stop the bleeding of our finances through fuel subsidy and the arbitrary exchange regime. We have no choice.

Advertisement

“We have to re-engineer the effectiveness of control and management of our resources to meet the obligations owed to Nigerians.

“I could have said yes, I want a share of my benefit and participate in the arbitrage. But no, God forbid. That’s not why you elected me.”

Advertisement

He added: “We have to re-engineer the financial system of the country…and see that our economic planning and budgetary process is transparent enough to cater for all Nigerians. Nigeria can’t afford to be Father Christmas to other countries. We can’t just afford to continue paying the subsidy.

“Nigerians elected me to bring about “necessary changes that will benefit not only you but your grandchildren and our tomorrow.

Advertisement

The president said Nigerians would continue seeing new and better initiatives to benefit the young and old.

 

Advertisement

He also pledged to work with the National Assembly and state Governors to achieve the renewed hope agenda of his administration.

Advertisement
citynews

Recent Posts

Why Seyi Tinubu Can’t Be Lagos Governor- Igbokwe

A member of the All Progressives Congress (APC), Joe Igbokwe, has said Seyi Tinubu, son…

5 hours ago

Simon Ekpa Not Our Member, Should Not Be Associated With Us- IPOB

IPOB PRESS RELEASE 22/11/2024 SIMON EKPA IS NOT AN IPOB MEMBER AND MUST NOT BE…

8 hours ago

NEWSPAPER HEADLINES FOR FRIDAY 22ND NOVEMBER 2024

NEWSPAPER HEADLINES FOR FRIDAY 22ND NOVEMBER 2024. *PUNCH* Gombe begins N28bn Assembly, high court complexes…

9 hours ago

My husband assaulted me, ruined my career – Olajumoke Onibread

Former bread seller turned model, Olajumoke Orisaguna, popularly known as Olajumoke Onibread, has opened up…

12 hours ago

“I did not punch Akpabio” – Senator Bamidele speaks on alleged fight with Senate President

Senate Majority Leader, Opeyemi Bamidele has denies reports that he was involved in a fight…

12 hours ago

Speaker Obasa Clarifies Negative Perceptions As Sanwo-Olu Presents 2025 Budget

– says lawmakers united to meet yearnings of Lagosians – accuses detractors of peddling news…

12 hours ago