₦airaland Forum

President Bola Tinubu, yesterday, insisted the current economic hardship is a necessary price Nigerians must pay to achieve a “balanced” and fair economy.

The President, in a national broadcast, told Nigerians that he understood the “hardship” they face but wished “there were other ways” to achieve an inclusive economy.

“Our economy is going through a tough patch and you are being hurt by it. The cost of fuel has gone up. Food and other prices have followed it. Households and businesses struggle. Things seem anxious and uncertain. I understand the hardship you face. I wish there were other ways.

“But there is not. If there were, I would have taken that route as I came here to help not hurt the people and nation that I love,” Tinubu said in a prepared speech delivered at 7pm. He recalled the imbalance caused by fuel subsidy payment and the “preferential” exchange rate system that ended up making “the elite of the elite” richer and the majority of Nigerians poorer.

“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. 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.

“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,” he noted.

Tinubu also pointed out the previous multiple exchange rate regime as one of the flawed systems that impoverished the country and handed the economy over to a selected few. The system, he said, “doled” out the resources that should have been used to create jobs to a “tiny elite” in the country on favourable terms.

The speech was rife with ‘elite’, ‘preferential’, ‘favorable’ and several other words that connote the historically unfair path the economy has taken in decades.

The speech also resonated with his previous “I feel your pains” and “let the poor breathe” memes, which have been described by millions of tweeps who have questioned the sincerity of the President.

In the past two weeks since the prices of fuel went up by over 15 per cent, millions of netizens have sarcastically demanded the comeback of ex-President Muhamadu Buhari. Though satirical, the calls explain the depth of suffering and the height of agony Nigerians have witnessed since Tinubu assumed power.

The broadcast came exactly two months after he assumed office – a period in the country that has seen a significant rise in the cost of living and a spike in the already high misery index – an economic indicator juxtaposing unemployment and inflation rate.

Last month, the inflation reached a new multi-decade high of 22.8 per cent. As high as it was. The National Bureau of Statistics (NBS) warned that the fuel price increase and the attendant adjustment in other prices would be fully captured in the July consumer price index (CPI).

A former Director-General of NBS and leading statistician, Yemi Kale, had told Nigerians that the inflation rate would hit 30 per cent following the fuel subsidy removal.

The inflation outlook has been worsened by the sharp post-foreign exchange liberalisation depreciation of naira. Since June 14 when the Central Bank of Nigeria pulled the plug on the FX market, naira has lost nearly half of its value to the dollar.

https://guardian.ng/news/nigeria/tinubu-justifies-reforms-unveils-n500b-package-to-ease-pains/

Nice one from Asiwaju Mr president, my ancestors are with you. I have summoned anyone hidden or in the open castigating you unjustly before my ancestors for questioning, my foremothers Efunsetan Aniwura, Orompoto, Ooni Luwo Gbagidi, Iyaebethegreat, Queen Moremi Ajasoro, Erelu Alimotu Perewura and Madam Tinubu will go after them. No Ogun, Oha, Alushi, Amadioha can save them, there shall be no hiding place for your enemies, all great women of substance who tie their wrappers to the right instead of the normal left are all with you, your late mother Abibat Mogaji shall go after them as well. Your enemies shall all bow to you and you shall succeed in rescuing Nigeria. All these are Ase' and so shall it be.

Toh

Mumu man. With his face like angulu(vulture)

IconicR:
Nice one from Asiwaju Mr president, my ancestors are with you. I have summoned anyone hidden or in the open castigating you unjustly before my ancestors for questioning, my foremothers Efunsetan Aniwura, Orompoto, Ooni Luwo Gbagidi, Iyaebethegreat, Queen Moremi Ajasoro, Erelu Alimotu Perewura and Madam Tinubu will go after them. No Ogun, Oha, Alushi, Amadioha can save them, there shall be no hiding place for your enemies, all great women of substance who tie their wrappers to the right instead of the normal left are all with you, your late mother Abibat Mogaji shall go after them as well. Your enemies shall all bow to you and you shall succeed in rescuing Nigeria. All these are Ase' and so shall it be.

Go and look for a better thing to with your life!

AdamuKD:
Go and look for a better thing to with your life!

You shall answer to all these undeserved hate if you don't back off. Be very careful with me

Where are our refineries,what are the plans to tackle corruption and punishment for corrupted the individuals

Where are our refineries,what are the plans to tackle corruption and punishment for corrupt individuals

IconicR:
You shall answer to all these undeserved hate if you don't back off. Be very careful with me

See this nonentity oh. Who are you?
What an irony
You that is an embodiment of hate and foolishness reeling everywhere in this forum is talking about hate
Walahi talahi, kai dolo ne!
Oga swerve!

AdamuKD:

What an irony
You that is an embodiment of hate and foolishness reeling everywhere is talking about hate
Walahi talahi, kai dolo ne!
Oga swerve!

Yeye boy.

IconicR:
Yeye boy.

Don't worry, I go soon start to they cure una madness here one by one.

AdamuKD:
Don't worry, I go soon start to they cure una madness here one by one.

You no sabi me bdat, during my days when I was much younger I'll bring the whole nairaland on your head for this. But I have to respect my kids and grandkids now.

BAT is the greatest southern politician in the last 10years, The best in Governance

Obi-diots, self-sworn enemy of the nation wont like this news

My fellow Obi-diots please, lets come and wail ooo

AdamuKD:
Go and look for a better thing to with your life!

You're the useless one here, A good news about your country disgusts you

See, go and read up on philosophy, You'd be taught how inner hatred affects ones outer life endeavors


U no kuku sabi anything like your Obi

IconicR:
You no sabi me bdat, during my days when I was much younger I'll bring the whole nairaland on your head for this. But I have to respect my kids and grandkids now.

Oga ur an empty barrel. Go and rest old man

EmperorCaesar:
You're the useless one here, A good news about your country disgusts you

See, go and read up on philosophy, You'd be taught how inner hatred affects ones outer life endeavors


U no kuku sabi anything like your Obi

U reason through your anus. Haven't you heard about talk is cheap?
I'm not taking about goodnews again because I have been hearing that since time immemorial. What I want to see is action.
Don't you think that you are the one lacking sense here because of your religion and tribal sentiments?

AdamuKD:
Ur lacking sense

You're or Your?

Arent there any bright Obidient around anymore?
You lots Super-Dumb

AdamuKD:
Mumu man. With his face like angulu(vulture)

You should bless your leader

DaveHarry:
You should bless your leader

Personally, I don't recognise him as my leader because came in through illegitimate means

AdamuKD:
Go and look for a better thing to with your life!

You don't matter to us just as ur circle in a dot don't matter in our electoral system. U can go and die

Never4getU:
You don't matter to us just as ur circle in a dot don't matter in our electoral system. U can go and die

It's your useless and worthless generation that are going to die through accident

Wawa

Nigerians, what have you benefited from civilian government so far?

AdamuKD:
U reason through your anus. Haven't you heard about talk is cheap?
I'm not taking about goodnews again because I have been hearing that since time immemorial. What I want to see is action.
Don't you think that you are the one lacking sense here because of your religion and tribal sentiments?

That u assumed my tribe and religion and still believe your assumptions show how logically handicapped you are

There's a saying that assumption is the worst form of knowledge and this your incoherent gibberish just confrimed you're the bottom of the chain

Spits on your Obi-diot skull, Adamu

That N500Bn is effectively N120Bn under uncle Goodluck and N100Bn under OBJ.

God!

CodeTemplar:
That N500Bn is effectively N120Bn under uncle Goodluck and N100Bn under OBJ.

God!

Wetin u dey talk. Pls expatiate