President Bola Tinubu has defended the removal of petrol subsidy, arguing that the naira would have lost virtually all its value if his administration had failed to implement the policy upon assuming office in May 2023.
The President spoke on Friday at a state reception organised in his honour at the newly constructed Banquet Hall of ARISE Palm Resort in Uyo, Akwa Ibom State, following an All Progressives Congress (APC) rally at the Godswill Akpabio International Stadium.
Tinubu said his administration inherited an economy facing severe financial difficulties, claiming that 27 of Nigeria’s 36 state governors were struggling to meet salary obligations, pensions and gratuity payments when he assumed office.
He maintained that the economic measures introduced by his government had helped steer the country away from what he described as the threat of bankruptcy.
Defending the removal of petrol subsidy, the President said retaining the policy would have further weakened the national currency.
“By now, if we didn’t take a decision, the day I took over, we would use wheelbarrows to move our naira. Because it would have been valueless, nothing,” Tinubu said.
He referenced an exchange rate of about ₦1,300 to the dollar, arguing that the naira had retained some value because of the decisions taken by his administration.
The President also ruled out a return to petrol subsidy, invoking the biblical account of Moses leading the Israelites out of Egypt to emphasise his administration’s determination to sustain its policy direction.
“Nigeria will never go back to the subsidy,” he declared.
Tinubu also used the occasion to criticise opposition figures Peter Obi and Atiku Abubakar, questioning their leadership records and ability to manage difficult political and administrative situations.
He faulted Obi over erosion challenges in Anambra State, while accusing Atiku of abandoning the Peoples Democratic Party (PDP) when the party faced internal leadership disagreements.
On education, the President described access to learning as a key instrument for reducing poverty and creating opportunities for young Nigerians.
He said his administration had taken steps to ease the financial burden of tuition fees on parents through its education financing initiatives.
Tinubu further announced that funds recovered by the Economic and Financial Crimes Commission (EFCC) would be channelled into the government’s education programme.
“I don’t know the pain of the market, but I share your pain. I share the difficulty. That’s why I decided to take away the responsibility of tuition fees away from parents,” he said.
He added that recovered funds would support the education initiative as part of his administration’s anti-corruption efforts.
The President also urged residents of Akwa Ibom to support his administration, reaffirming his commitment to the proposed Ibom Deep Seaport project.
