President Tinubu Speaks on Suspension of Emefiele, Fuel Subsidy Removal
President Bola Tinubu has finally spoken on the suspension and arrest of former Governor of the Central Bank of Nigeria, Godwin Emefiele. Tinubu described the financial system under Emefiele as “rotten” and said that he was “possessed with courage” when he announced the removal of fuel subsidy.
Tinubu spoke during an interactive session with Nigerians in diaspora resident in France and neighboring countries. He said that the multiple exchange rates had made it difficult for people to send money to their relatives in Nigeria, but that this was now a thing of the past.
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On the issue of fuel subsidy, Tinubu said that it was a “40-year-old scam” that was making just a few people rich. He said that he had to summon the courage to announce its removal when he mounted the podium to give his inaugural speech.
Tinubu assured that palliatives would be provided to cushion the effect of the removal of fuel subsidy. He said that organized labor had stopped protesting because they realized that they would not be able to get both palliatives and salary increases if they continued to demand the old order.
Tinubu’s comments come at a time when Nigeria is facing a number of economic challenges, including high inflation and a depreciating currency. The removal of fuel subsidy is likely to add to these challenges, but Tinubu is betting that it will be necessary to reform the economy in order to make it more sustainable in the long term.
Here are some key takeaways from the Nigerian President:
- President Tinubu has spoken out for the first time since the suspension and arrest of former CBN Governor Godwin Emefiele.
- Tinubu described the financial system under Emefiele as “rotten” and said that he was “possessed with courage” when he announced the removal of fuel subsidy.
- Tinubu assured that palliatives would be provided to cushion the effect of the removal of fuel subsidy.
- Tinubu’s comments come at a time when Nigeria is facing a number of economic challenges, including high inflation and a depreciating currency.
I hope this is helpful!
