Following the removal of fuel subsidy and the subsequent increase in revenue, Nigerians can anticipate enhanced services that will uplift their quality of life. President Bola Tinubu expressed this commitment during a national address on Democracy Day in Abuja.
He assured the public that the government acknowledges the sacrifices made by Nigerians and understands the implications of fuel subsidy removal. Tinubu emphasized that this step was necessary to redirect resources towards the betterment of the nation, liberating them from wasteful expenditures.
He stated, "In my inauguration address on May 29, I implemented the decision to eliminate the burden of fuel subsidy and allocate the much-needed resources, which were previously benefiting a privileged few, for the collective welfare of all."
Acknowledging the additional burden this decision would impose on the masses, Tinubu empathized with their hardship, saying, "I feel your pain." However, he emphasized that enduring this sacrifice is essential to save the country from further distress and liberate its resources from the grasp of unpatriotic elements.
Tinubu assured the Nigerian people that their sacrifice would not be in vain, pledging significant investments in transportation infrastructure, education, reliable power supply, healthcare, and other public utilities to improve their quality of life.
During his address, the president also reflected on the struggle of late MKO Abiola and the hope he ignited during the 1993 presidential election. He stated, "The democracy that MKO Abiola sacrificed his life for is one that prioritizes the well-being of the people over the self-interests of the ruling class—a democracy that allows citizens to find personal fulfillment and happiness. This was the hope Abiola instilled throughout our nation in 1993."
Furthermore, Tinubu provided reasons for the unsustainability of fuel subsidy, including the support it inadvertently provided to smugglers and neighboring countries. He questioned the logic of fueling greed and acting as a "Father Christmas" to these entities while the country struggled to meet basic obligations like salary payments.
To alleviate the impact of the subsidy removal on Nigerians, the Federal Government, in collaboration with labor unions, proposed several initiatives. These include establishing a joint committee to review wage increase proposals and devise an implementation plan.
The government and labor unions will also evaluate the World Bank-financed Cash Transfer Scheme, exploring the inclusion of low-income earners in the program. Additionally, efforts will be made to revive the CNG conversion program, address challenges in the education sector, expedite refinery rehabilitation, and enhance road maintenance and the expansion of rail networks nationwide.
