President Bola Tinubu has revealed the reasons behind the announcement of the removal of subsidy on Premium Motor Spirit (PMS), otherwise known as petrol, during his inauguration on May 29, 2023.
Tinubu described the fuel subsidy as a “scam” and disincentive to growth, saying it rewarded smugglers and reduced the burden of cost of the commodity for some countries.
The President disclosed that his Special Adviser on Monetary Policy, Wale Edun, and Special Adviser on Special Duties, Communication and Strategy, Dele Alake, had excluded fuel subsidy removal in his inaugural speech, but he felt it was expedient to stop the subsidy on the first day.
“It was the next day I called the GMD of NNPCL,” he said during a meeting with Nigerians in Paris, France, including Real Madrid defender, David Alaba, on Friday, June 23.
President Tinubu added that he was presented with an option of meeting with a handful of Nigerians in France, but he preferred a larger number, pledging to be persistent, determined, and focused on reforms for a better country.
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Also speaking, Nigeria’s Ambassador to France, Kayode Laro, thanked Tinubu for accepting the proposal for the meeting with Nigerians on short notice and tight schedule, while the Chairman of the Nigerians in Diaspora Commission, Abike Dabiri-Ereluwa introduced some of the experts in France.
“We have Nigerians who are doing great today among us. We also have the diaspora day and diaspora investment summit that provides opportunities for us to celebrate them, and attract new interests,” she said.
Prof. Emmanuel Iga, Abiodun Odunuga, Anino Elawa, and others commended the President for the great steps taken in three weeks to reposition the economy.
“You have shown we have a committed and competent leader. You are the first President of Nigeria, who has no godfather. You are your godfather. We are impressed with the removal of subsidy and streamlining of foreign exchange. We will wait for the palliatives,” Iga said.
