Subsidy must go, it costs trillions of naira yearly — Tinubu 

President Bola Ahmed Tinubu has consistently maintained the position that the fuel subsidy had to go as once beneficial measures had outlived its usefulness. 

President Tinubu during his National broadcast to the country maintained that the subsidy cost trillions of naira yearly. 

He added that 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 funneled 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. 

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“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.”

According to the President Tinubu, 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. The preceding administration saw this looming danger as well. Indeed, it made no provision in the 2023 Appropriations for subsidy after June this year. 

“Removal of this once helpful device that had transformed into a millstone around the country’s neck had become inevitable.”