President Bola Tinubu yesterday reiterated that there was the need for the removal of petrol subsidy and the unification of the foreign exchange window when he assumed office on May 29, 2023.
In a statement to mark his second anniversary in office, the ex-Lagos governor said petrol subsidy and multiple foreign exchange windows strangulated Nigeria’s future hence the need for reforms.
He said, “The economic and general situation of the country I inherited required that we redirect the country’s affairs with a bold and new vision. I immediately implemented two necessary policies to stop our country from further drifting into the precipice.
“It was apparent that if the federal government and the other two tiers of government must remain viable and cater to the citizens’ welfare, we must do away with decades-long fuel subsidies and the corruption-ridden multiple foreign exchange windows.
“The two were no longer sustainable and have become a chokehold on our nation’s neck, strangling our nation’s future.”
With the removal of petrol subsidy two years ago, the pump price of the essential commodity jumped from N200 to around N1,000, with the naira to dollar value depreciating from $1/N800 to about $1/N1,600. Economists have blamed the resultant inflationary pressure and increase in living costs on these two factors.
However, Tinubu said his administration implemented these reforms to restore and reinvigorate the nation’s economy and strengthen the country’s social fabric.