My Inaugural Speech Excluded Fuel Subsidy But I Had To Stop It On Day One – Tinubu

This marked the first time the President would publicly comment on his May 29 inaugural speech, in which he declared that “fuel subsidy is gone”.

By Oluwatobi Aworinde
Updated June 23, 2023

President Bola Tinubu on Friday described fuel subsidy as a “scam” and disincentive to growth, saying it rewarded smugglers and reduced the burden of the “real cost” of the commodity for some countries.

Tinubu made the assertion during a meeting with members of the Nigerian community in France, said a statement by his Special Adviser on Special Duties, Communication and Strategy, Dele Alake, later that day.

Addressing Nigerians in France, Tinubu explained that the Special Adviser on Monetary Policy, Wale Edun and Alake had excluded fuel subsidy removal from his inaugural speech, “but he felt it was expedient to stop the subsidy on the first day”.

This marked the first time the President would publicly comment on his May 29 inaugural speech, in which he declared that “fuel subsidy is gone”.

The comment sparked a near-instant hike in prices and hoarding, leading to calls for protests by the Nigeria Labour Congress (NLC). This is despite former President Muhammadu Buhari’s early moves to end the payment of fuel subsidy by June.

The President promised to reposition the education and health sectors, adding that ongoing reforms on the economy would be sustained and expanded, with a view to relieving families struggling with the burden of poverty and insecurity.

The remarks come 11 days after the President signed the Students Loan Bill into law.

See the full statement below:

STATE HOUSE PRESS RELEASE

DIASPORA NIGERIANS POUR ENCOMIUMS ON PRESIDENT TINUBU FOR DECISIVE ACTION ON ECONOMY, PRESIDENT PROMISES TURN AROUND IN EDUCATION, HEALTH, SPORTS, SECURITY,

ENERGY

President Bola Ahmed Tinubu Friday in Paris–France assured Nigerians of repositioning the education and health sectors, while the ongoing reforms on the economy will be sustained and expanded, with a view to relieving families struggling with the burden of poverty and insecurity.

In an interactive session with members of Nigerian community living in France, who lauded President Tinubu for taking bold, decisive and visionary steps in fixing the economy, the Nigerian leader said more creative and innovate policies will be explored and implemented in areas that directly impact livelihood of Nigerians, like electricity sports and energy.

“To all of you, our hope renewed,’’ he said, welcoming plethora of suggestions going forward for the economy, and explaining some of the short-term and long-term framework for providing growth opportunities for individuals, families and institutions.

President Tinubu said the interest of Nigerians will always be protected, even in engagements with the international community, governments and multilateral institutions on global issues relating to climate change, energy transition, food security, trade, security and diplomacy.

“We have transport challenges, electricity challenges, infrastructural challenges and others. I let out the giant elephant of fuel subsidy without bringing down the house,’’ he said, adding, “Our diversity is our asset, if we know how to use it.’’

“We must promote unity and stability for all. Whether you voted for me during the elections, or not, I am your President. I will work on your behalf to ensure a turning point of prosperity,’’ the President told the gathering of professionals, including David Alaba, a footballer.

The President said 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.

President Tinubu explained that the fuel subsidy was a “scam” and disincentive to growth as it rewarded smugglers and reduced the burden of real cost of the commodity for some countries.

He said the 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 NNPL,’’ he said.

Nigeria’s Ambassador to France, Kayode Laro, thanked the President 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 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, 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, who has no godfather. You are your godfather. We are impressed with removal of subsidy and streamlining of foreign exchange. We will wait for the palliatives,’’ Iga said.

Nigerians at the event assured President Tinubu of their full support for his progressive ideas.

Special Adviser to the President
Special Duties, Communication and Strategy
June 23, 2023

https://www.channelstv.com/2023/06/23/my-inaugural-speech-excluded-fuel-subsidy-but-i-had-to-stop-it-on-day-one-tinubu/

Picture 1: President Bola Tinubu delivering his inauguration speech.

Picture 2: President Tinubu and Austrian-Nigerian footballer David Alaba.

Picture 3: President Tinubu and Nigerians in Paris.

Picture 4: A Nigerian in Paris asks President Tinubu a question.

https://www.youtube.com/watch?v=Dz5mLBEgxMs

https://www.youtube.com/watch?v=SY_2KnyApxg

naptu2:
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A brilliant leader that can't be teleguide. He knows what to say and appropriate time to say it even when it's off speech written.

The man with balls of steel....

Non of the Oil importing Cabals dear to make any noise


French Government under Macron and Rabiu of BUA group are investing in a massive Refinery in Akwa ibom

People now prioritize usage of petrol and are trying CNG/LNG or Solar

.

I think now we have a proper leader who knows how to run his government.

Finally a president that talks and answer questions. This one is a very big win. At least you know what he wants to do as that will help out a lot with policy and decision making.


It's not business as usual "the presidency......" This gave rise to the word "cabal"

Ok

INEC president just dey show himself.

What was he thinking when He attacked Jonathan in 2012, for this same Fuel Subsidy Removal?😒

His Head was not Correct or What? 😏

Vinnie2000:


INEC president just dey show himself.

What was he thinking when He attacked Jonathan in 2012, for this same Fuel Subsidy Removal?😒

His Head was not Correct or What? 😏

Two words... Dangote Refinery

We know it was not there

Muh247:





The man with balls of steel....

Non of the Oil importing Cabals dear to make any noise


French Government under Macron and Rabiu of BUA group are investing in a massive Refinery in Akwa ibom

People now prioritize usage of petrol and are trying CNG/LNG or Solar

.

keep deciving urself

mauriceminor:
keep deciving urself

Abi... Thanks, let me decieve myself... I no decieve you

All man get him brain to reason for himself

Muh247:


Two words... Dangote Refinery

Dangote Refinery indeed.😏

A Govt that kills Its Local Refineries and hands over the Petroleum Sector to a Greedy and Evil Northern Capitalist,
inorder to Exploit and milk the Masses Dry..

One day, they will Kill the Police force or the Army and tell Dangote to provide a Security Firm for us. 🤨😕🤦

APC/Tinubu govt is a Cancer to Nigerians.

The Govt Favours only the Rich and connected while Hungry Peeps like you Defend them online. 😒

Vinnie2000:


Dangote Refinery indeed.😏

A Govt that kills Its Local Refinery and hands over the Petroleum Sector to a Northern Capitalist, inorder to Exploit and milk the Masses Dry..

One day, they will Kill the Police force or the Army and tell Dangote to provide a Security Firm for us. 🤨😕🤦

APC/Tinubu govt is a Cancer to Nigerians.

The Govt Favours only the Rich and connected while Hungry Peeps like you Defend them online. 😒

Obasanjo a southerner 8 years No refinery private or public

Jonathan a southerner no refinery 6 years

Tinubu Government Lekki Free trade zone, Lekki deep seaport and Dangote Refinery through PPP agreement with Lagos State and NNPC

Suddenly Tinubu and Northern Capitalist are bad

What happened to the over 40 lisences issued out to bidding eastern refinery investors

Guess what?! eastern refinery investors simply got the lisence because they can have access to import petrol

Muh247:


Obasanjo a southerner 8 years No refinery private or public

Jonathan a southerner no refinery 6 years

Tinubu Government Lekki Free trade zone, Lekki deep seaport and Dangote Refinery through PPP agreement with Lagos State and NNPC

Suddenly Tinubu and Northern Capitalist are bad

What happened to the over 40 lisences issued out to bidding eastern refinery investors

Guess what?! eastern refinery investors simply got the lisence because they can have access to import petrol

Ogbeni, stop Deceiving yourselF.

All is ARANGEE!

APC had planned this Dangote Refinery Collaboration All along.

Have you NOT seen where a Company advertises a Job Vacancy and Invite 10,15 candidates for interview
for a Position which they have Already PICKED SOMEONE? 😏😕

Dangote, Tinubu and selected APC Chieftains will so much Milk Nigerians and Feed Fat in this Govt.😒

You and ur Family no go see Shishi. 😄

Vinnie2000:


Ogbeni, stop Deceiving yourselF.

All is ARANGEE!

APC had planned this Dangote Refinery Collaboration All along.

Have you NOT seen where a Company advertises a Job Vacancy and Invite 10,15 candidates for interview
for a Position which they have Already PICKED SOMEONE? 😏😕

Dangote, Tinubu and selected APC Chieftains will so much Milk Nigerians and Feed Fat in this Govt.😒

You and ur Family no go see Shishi. 😄

Funny enough Dangote is a profit oriented business man and a Capitalist (not a crime)

I do my own business too and make profit

If Dangote Refinery wants to cheat you, my brother abeg go and import your own fuel yourself and enjoy cheap feul with your family

Petroleum Industry Bill , gives you the right if you have money to import as much fuel as you like

Please 🙏 disgrace Dangote and import your own cheap fuel

.

The president with balls

Subsidy removal to him was a target worth celebrating, what the people are waiting for is subsidy removal recovery which isn't forthcoming.
Prices are high and don't appear to be settling soon.

O gbe won handicap

Yawn

Isn't it wonderful that people can see the title of this thread (before opening it) and then they click on the thread and then they use their energy and tìme to post on the thread just to type yawn?

Would they be on the thread and even post on it if it was boring? Wouldn't they skip it and click on something interesting?

This is very funny and entertaining.