Nigeria’s President Bola Tinubu has asked Nigerians to endure the effects of the removal of the subsidy on petrol.
The president said the decision was taken to “free up” resources that had “hitherto been pocketed by a few rich”.
Tinubu, in his first Democracy Day speech as president, said he gave effect to the removal of petrol subsidy by the Muhammadu Buhari administration in a bid to tackle endemic poverty in the country.
During his inaugural speech, the president declared that the petrol subsidy “is gone”.
Although the president’s media team had clarified that the implementation of the policy would commence later in June, post-subsidy realities are already setting in, with the Nigerian National Petroleum Company (NNPC) Limited announcing the adjustment of the pump price across its retail outlets nationwide.
The development has sparked a sharp hike in the pump price of petrol, raising concerns among Nigerians.
Speaking on the issue, Tinubu said it is necessary decision to protect the country from collapsing.
I admit that the decision will impose extra burden on the masses of our people. I feel your pain. This is one decision we must bear to save our country from going under and take our resources away from the stranglehold of a few unpatriotic elements,” he said.
“Painfully, I have asked you, my compatriots, to sacrifice a little more for the survival of our country.
For your trust and belief in us, I assure you that your sacrifice shall not be in vain.
“The government I lead will repay you through massive investment in transportation infrastructure, education, regular power supply, healthcare and other public utilities that will improve the quality of lives.”