President Bola Tinubu has defended his administration’s removal of fuel subsidy, labeling it a vital reform for Nigeria’s economic future.
In his inaugural media chat in Lagos, he argued that the subsidy system was unsustainable and detrimental to future investments.
“I have no regrets whatsoever about removing subsidies. It was necessary. “We were not investing; we were just deceiving ourselves. The reform was necessary. We cannot have expenditures we don’t have revenue for.”
Tinubu urged fiscal discipline among Nigerians and acknowledged challenges such as smuggling that arose from the policy change.
“Cut your coat according to your size. We had no choice but to pull the handbrake—not just for us, but for our children and grandchildren,” he advised.
He also acknowledged the challenges arising from the subsidy removal, including resistance from smugglers.
“I can see smugglers fighting back,” he remarked and emphasised the need for strict enforcement and structural reforms.
He reiterated his administration’s commitment to making tough but necessary decisions to stabilise the economy, asserting, “No matter how you phase it, you still have to meet the bill.”
President Tinubu reiterated his administration’s commitment to implement comprehensive tax reforms, despite ongoing criticism.
Stating the reforms were not only vital for Nigeria’s economic transformation but would modernise the tax system, broaden the revenue base and support the nation’s development goals.
“Tax reforms are here to stay. We cannot just continue to do what we were doing yesterday. We cannot retool this economy with the old broken pot.”
He explained that the tax reforms are designed to be pro-poor and inclusive, targeting the expansion of the tax net rather than burdening low-income earners.
“All we ask for is to widen the net, make the cake larger so we can share a larger meal.”
He also highlighted the importance of eliminating outdated colonial-era taxes, describing them as ineffective for Nigeria’s current economic realities.
“You cannot satisfy a larger community of tax invaders,” he declared to stress the need to address tax evasion.
Tinubu affirmed that his administration was focused on making tough but necessary decisions to stabilize the economy.
“A hallmark of a good leader is to do what needs to be done at the right time. I believe I have the capacity,” adding that the reforms represent a “new dawn” for Nigeria.
While acknowledging that the transition will not be easy for everyone, Tinubu stressed the importance of staying the course.
“It will not be El Dorado for everyone but I am laser-focused on what Nigeria needs and what I must do for Nigerians.”
He also defended his cabinet’s performance amid calls for reshuffling, asserting that his ministers were adding value and effectively managing their assignments.
“Nigeria is a large country. I need my cabinet; they are adding value effectively,” he said, dismissing criticism of their efficiency.
He reiterated that job assignments in his administration are carefully structured to ensure efficiency and impact.
“You don’t give someone an assignment they cannot fulfill. Job descriptions must be efficient and effective.”
He expressed confidence in the direction of his administration, urging Nigerians to embrace the changes necessary for long-term prosperity.
“The essence of tax reform is to create a system that supports growth and development. The new dawn is here, and I am convinced.”
He also expressed confidence in Nigeria’s progress despite ongoing criticisms of his administration’s economic reforms.
“Nigeria is moving forward, regardless of critics,” emphasising government’s commitment to stabilising the economy and enhancing local government autonomy.
He highlighted significant achievements, including reduced debt servicing and improved fiscal discipline.
“I brought debt service down. Give credit, please. We are managing it.”
He also noted a transition from excessive borrowing through the Ways and Means facility, which he described as crucial for financial stability.
Addressing security challenges, he praised the armed forces for their efforts against terrorism and banditry.
“I am proud of what they are doing. There’s no need to probe.”
He assured that mechanisms were in place to prevent budget leakages and ensure funds are utilised effectively.
He urged Nigerians to focus on local solutions for economic growth, advocating for increased agricultural production and reduced imports: “Produce more for consumption locally. Stop imports.” He identified agriculture, marine ecosystems, and transportation as key sectors for job creation.
Reiterating his vision for a prosperous Nigeria, Tinubu described the upcoming 2025 budget as a “budget of hope” and called for public support in realizing these goals. “We are moving forward,” he affirmed, and forecasted a brighter future for Nigeria.
He also condoled with victims of the charity event tragedies in Ibadan and Okija, Oyo and Anambra states respectively and emphasised the need for improved crowd management at public gatherings.
He lamented the tragedy, calling for better organization and contingency planning in such events.
“It is sad that people are not respected or are abused in situations like this. If you don’t have enough to give, don’t publicise it.”
He urged organisers to prioritise safety and ensure proper crowd management to prevent future occurrences.
Credit: The Sun