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Explains how fuel subsidy ruins Nigeria’s economy
EkoHotBlog reports that President Bola Tinubu has disclosed that he had the opportunity of taking part in destroying Nigeria’s economy by continuing with the payment of the fuel subsidy.
According to The Cable, the President made the mysterious disclosure on Thursday, June 29, while speaking at a reception organised by the Lagos State government in his honour.
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President Tinubu stressed that the petrol subsidy is a wound to the country’s economy and should never be allowed to continue, irrespective of the situation.
He added that his administration will need the necessary resources in achieving the promises that he made to the Nigerian public during the election campaigns.
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The President said there is a need to urgently heal the wound on Nigeria’s finances through the fuel subsidy and the multiple exchange rate, adding that it is the only choice Nigeria has.
According to Tinubu, the country needed to re-engineer the effectiveness of management and control of its resources so that the duties owed to Nigerians can be met.
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