President Bola Tinubu defended the removal of fuel subsidies on Monday, claiming that it benefited just a few people.
Tinubu stated this on Monday evening during a nationwide broadcast, adding that the subsidy regime was unsustainable.
“For several years, I have consistently maintained the position that the fuel subsidy had to go. This once beneficial measure had outlived its usefulness. The subsidy cost us trillions of Naira yearly.
“Such a vast sum of money would have been better spent on public transportation, healthcare, schools, housing, and even national security. Instead, it was being funnelled into the deep pockets and lavish bank accounts of a select group of individuals.
“This group had amassed so much wealth and power that they became a serious threat to the fairness of our economy and the integrity of our democratic governance. To be blunt, Nigeria could never become the society it was intended to be as long as such small, powerful yet unelected groups hold enormous influence over our political economy and the institutions that govern it.
“The whims of the few should never hold dominant sway over the hopes and aspirations of the many. If we are to be a democracy, the people and not the power of money must be sovereign.”
To buttress his point, he said the country has saved more money since the subsidy regime ended.
“In a little over two months, we have saved over a trillion Naira that would have been squandered on the unproductive fuel subsidy which only benefitted smugglers and fraudsters,” he added.
“That money will now be used more directly and more beneficially for you and your families.”