₦airaland Forum

EIGHT KEY TAKEAWAYS FROM TINUBU'S FIRST PRESIDENTIAL MEDIA CHAT

•Does not believe in price controls

•Has no regrets removing subsidy

•Says borrowing not a crime

•Tax reforms have come to stay, but open to negotiations on VAT

•Expresses confidence in his security architecture

•Insists reforms not designed to inflict pains on Nigerians, necessary for growth

•Says he has met obligations without recourse to NNPCL funds

•Blames stampedes on very grave error on part of organisers

Deji Elumoye, Sunday Aborisade, James Emejo and Adedayo Akinwale in Abuja

President Bola Tinubu, last night, asked Nigerians to believe in his government, saying the administration, which is “just 18-month” old, is on the right path and marks “a glorious dawn” for Nigeria.

Featuring in the maiden edition of his Presidential Media Chat, held in Lagos, Tinubu expressed confidence in his security architecture, saying he has no reason to sack or probe his security chiefs.

Declaring that he had no regrets removing fuel subsidy, he insisted that his controversial tax reforms had come to stay, in spite of opposition from some quarters. Though, he hinted that the government might be open to negotiation on the aspect of the tax reforms dealing with Value Added Tax (VAT).

He said his government’s reforms, though coming with unintended painful consequences, were not intended to inflict pain on Nigerians, but to lead the country to the glorious future that the people crave.

The president blamed palliative organisers for the recent stampedes that caused several deaths in different parts of the country.

Despite spiraling inflation, Tinubu said he did not believe in price controls. He said the market should be supplied, while allowing the forces of demand and supply determine prices.

The president said his administration had met its financial obligations without resorting to the Nigerian National Petroleum Company Limited (NNPCL) for funding.

Tinubu defended his government’s huge appetite for loans, saying borrowing for infrastructure is not a crime.

He passed a vote of confidence on his cabinet, and dismissed suggestion to trim the cabinet size.

Speaking to Nigerians as part of his parting shots at the end of the media chat, Tinubu said, “I seek your understanding. I understand the trouble you’ve been through: the economic problems. It is just 18-month that I’ve taken the reign. We’ll maintain focus. Let’s believe in ourselves and in our country. Tomorrow will bring a glorious dawn.”

Tinubu assured Nigerians that 2025 would usher in economic prosperity and growth, emphasising that he understands the plight of the people.

He said, “2025 is a very promising year. Let me thank Nigerians for having confidence in me to be the president of the Federal Republic of Nigeria. I’m very proud of that.

“I don’t want you to think that I will take it for granted at any given time. It is all about service. I will do it with all my heart. I seek your cooperation all the time.”

Tinubu told the panel anchored by Dr Reuben Abati of ARISENEWS TV that leaders of the country’s security services deserve commendation, not probe.

He said, “I’m not probing service chiefs. You cannot disrespect the institution because of threat of war, without investment in technology, in weaponry and training.

“There might be leakages here and there. We put a very effective control mechanism in place to monitor our budget releases, and those funds have been judiciously used.

“Consider the welfare of our service men and women, consider it. They are living and are operating in a very serious conditions. We have huge country, a very huge world, and lot of forests, unoccupied spaces.

“Give them credit for what they are doing. I am proud of what they are doing to date. No need to probe. I have confidence in my security architecture. It is very, very unfortunate that, you know, two decades of wanton killing.

“I remember when I jumped into the campaign. I had to stop the campaign to pay condolences to Maiduguri, Katsina, Kaduna, Yola. Today, you can still travel the roads. Before now, it was impossible.

“It takes one incident to mess up an organised environment. It takes one. You cannot say the military is not prepared. When the 9th Brigade Battalion was attacked, you can’t laugh at your nation because of that.

“The enemies, with faith and without, are watching what you are doing. You have to be prepared 100 per cent, 24 hours of the day, to make sure that people are safe.

“Today, that is not the story any longer. People can leave Kaduna and still go towards Kafancha by road. Well, the road may not be that smooth. I’m not saying it won’t. Gradually, we will get there.”

The president stressed that he had no regrets removing fuel subsidy at his inauguration on May 29, 2023. He said failure to do so would have amounted to the country spending the lives of its future generations.

Tinubu stated, “We were spending our future, We were spending our generations when we claimed we were giving subsidy to Nigerians on petrol. We were not investing.

“We were just deceiving ourselves. That reform (fuel subsidy removal), is necessary. I could see the small glass crashing back. This is the way out. The fact that we give out fuel, allow all the attacks. We cannot spend our future generations’ investment up front.”

Asked if he thought the removal should have been done in phases, Tinubu said it might have worked that way, too.

He stated, “Please, no matter how you cut it or you slice it in segments, you stay out of the middle of the deal. So, cut your coat, stick it to your side. It’s what we have to manage.

“We have no choice but to pull the handbrake. Otherwise, we are headed for slippery slopes. That could result in financial disaster, not just for us, but our children and grandchildren. Where is the inheritance? Where is the pathway to prosperity?”

The president, who cracked a joke about one of his friends who had stopped driving limousine cars since the fuel subsidy was removed, urged Nigerians to live within their means.

On the controversial tax bills, Tinubu said, “Tax reform is here to stay. We cannot just continue to do what we were doing yesteryears into this economy. We cannot retool this economy with the old broken boat. I believe I have that capacity (to govern this country). I believe so.

“That’s why I went into the race. I have focus, lots of focus, on what Nigeria needs and what I must do for Nigeria. It’s just not going to be Eldorado for everybody. But the new dawn is here. I’m convinced. You should be convinced. You (the media) should help propagate that conviction.”

The president scored his government high with the results already being recorded based on the economic reforms being implemented.

According to him, “When you look at the petroleum revenue, I can tell you, pushed me to my brag mode. In the last three months, I have not taken a penny from the NNPCL before I meet my other obligations.

“That’s excellent. That’s excellent. I repeat, without falling back to the old order, without going into ways and means, I’ve met all obligations.”

He, however, refused to speak on the VAT component of the tax reforms when asked to make some comments on it.

“Why do you want to know that today? Tax matters are subject of debates, reviews, negotiations, not huge concessions. That’s all I’m going to say about that. I don’t mind much energy,” he said.

The president said no amount of time would satisfy the critics, and he needed to take action, nevertheless.

On the tragic incidents that claimed the lives of many people due to stampedes at the distribution of palliatives by some non-governmental organisations in Oyo Anambra states, and the FCT, Tinubu described the development as sad, and blamed the organisers of the events

He also warned that anyone or group that did not have enough palliatives to give should not call many people to a single place.

Tinubu said, “I’ve never experienced this kind of incident, because you have to organise, you have to discipline, and if you don’t have enough to give, don’t attempt to give or publicise it.

“Every society, even in America, they have food banks; they have hungry people. In Britain, they have food banks, they have warehouses, they are organised, they take time to be on the queue and take turns to collect.

“It’s unfortunate, we just have to learn from our past mistakes. It’s a reflection in our bus stops, where we don’t even want to be on queue before we rush into the vehicle.

“It is very sad, but we continue to learn from our mistakes. To me, I see this as a very grave error on the part of the organisers. However, it doesn’t kill our happiness, but this shouldn’t be.”

Tinubu announced that he had reduced debt service from 98 per cent to about 68 per cent and defended the country’s borrowing appetite, arguing that it is not a crime to borrow.

He pointed to ongoing infrastructure project and other investments enabled by borrowing.

The president said he had confidence in his cabinet and would not reduce its size, saying he believes that the ministers are doing what they need to do.

He said his cabinet should be given credit for what it was doing, and there was no need to investigate the members.

Tinubu, who said the country was moving forward despite criticisms from some quarters, described the proposed 2025 appropriation bill as budget of restoration and hope, adding that the country remains on the path of recovery.

He admitted that healing the country was not feasible within a year and asked Nigerians for patience with his government.

Among other things, the president said there was no need to embark on expenditure when revenue remained a challenge, adding that Nigerians must learn to manage in the situation.

Explaining that the ongoing reforms were not designed to inflict pains on the people, but “we want this country to grow”, the president stressed the need for the country to produce more for consumption locally, as well as export.

He said improved security would help farmers to return to their farms to boost food production, saying there is need to further encourage the manufacturing of drugs in Nigeria, and put up incentives to harness other potential.

On food security, the president said the country had all it took to turn disaster to prosperity, and all that was needed was to “remove conflicting elements”.

Tinubu said there was need to embrace commodity exchange, but he kicked against price control mechanism to rein in inflation, saying he would rather that prices were left to market forces to determine than control them.

“I don’t believe in price control. We just need to continue to supply the market,” he said, explaining that demand and supply would eventually reach an equilibrium and find their real bearing.

No Regret Removing Petrol Subsidy, Tinubu Insists

The All Progressives Congress (APC) chieftain also said he does not believe in price control and he won't go that path.

By Kayode Oyero
December 23, 2024

President Bola Tinubu says he has no regrets about removing petrol subsidy in May 2023, insisting that Nigeria cannot continue to be Father Christmas to neighbouring countries.

“I don’t have any regrets whatsoever in removing petrol subsidy. We are spending our future, we were just deceiving ourselves, that reform was necessary,” the former Lagos governor told reporters during a chat on Monday at his Bourdillon residence in the highbrow Ikoyi area of the state.

Tinubu said petrol subsidy removal some 18 months ago have increased competition within the sector and that the pump price of petrol has gradually crashed. “The market is being saturated. No monopoly, no oligopoly, a free market economy flowing,” he said.

The All Progressives Congress (APC) chieftain also said he does not believe in price control and he won’t go that path. “I don’t believe in price control, we will work hard to supply the market,” he said.

Nigeria, Africa’s most populous nation, faces energy challenges, with all its state-owned refineries non-operational. The country is heavily reliant on imported refined petroleum products, with the state-run NNPC being the major importer of the essential commodities.

Fuel queues are commonplace in the country. Prices of petrol soared since the removal of subsidy in May 2023, from around N200/litre to over N1,000/litre, compounding the woes of the citizens who power their vehicles, and generating sets with petrol, no thanks to decades-long epileptic electricity supply.

The government simultaneously unified forex windows, with the value of the naira nosediving terribly from $1/N700 to over $1/1600 at the parallel market. Prices of food and basic commodities immediately climbed through the roof as Nigerians battled attendant inflation.

toneroforever:
Tinubu will go down in history as the worst president Nigeria ever had.

Frigga13:
Is on how the ronuist will gather to defend .. their useless god .. is what really amazes me..

Like are humans without sense to see that the country is going real down .. and human lives ain’t worth it again..

People push hunger induced death .. like is nothings and even mock..

In this same Nigeria ? That we all enjoyed and bought bags of rice for 7:k?

Nigeria that cars were sold for 7mill.. very new cars ..

Same Nigeria .. naira was 45/ even 216?

Fuel at 26/100..

Same Nigeria

And a self acclaimed sophisticated man came to government with his party and choose to suffer Nigerians and now is happy that a man that owns four Royce.. is now driving thundra.. … now imagine the fate of ordinary Nigerians .. and Tinubu is celebrating this on national television and mocking Nigerians

Tinubu is foolishly stupid

He’s mad and a useless god

Fvck the president

givedemwotowoto:
You know those people who are claiming that Tinubu’s reforms are necessary and he’s cleaning Buhari’s mess? They’re the same people who claimed for 8 years that Buhari was fixing the country and cleaning PDP’s 16-year mess.

Just a reminder

Frigga13:
Normal rant from a worshipper .. the pain fro your post is real

But who cares .
They will generate like for you.. but reality is not nairaland “likes “

Enjoy your pain

Tinubu is a fool

Reality over lies ..and Yoruba media propaganda

Proudlyngwa:
Rubbish
You will certainly have more likes but like you said and I have to agree on this
Who cares about likes.

Instead of you to pick two points and discuss about it, you started desecrating the thread

Your aim is to make sure there is no meaningful contribution on the front page, for reasons best known to you.

Your assertions are not just outlandishly stupid, they are ridiculously provocative, you are doing more harm to this country than the Tinubu you insult, Honestly if I was allowed a no holds barred session I would have told you things that will take you into depression

You all think monopoly of madness belongs to you and your likes.

You need help in a lot of form and you need it fast.

Proudlyngwa:
Rubbish
You will certainly have more likes but like you said and I have to agree on this
Who cares about likes.

Instead of you to pick two points and discuss about it, you started desecrating the thread

Your aim is to make sure there is no meaningful contribution on the front page, for reasons best known to you.

Your assertions are not just outlandishly stupid, they are ridiculously provocative, you are doing more harm to this country than the Tinubu you insult, Honestly if I was allowed a no holds barred session I would have told you things that will take you into depression

You all think monopoly of madness belongs to you and your likes.

You need help in a lot of form and you need it fast.

Proudlyngwa:
Rubbish
You will certainly have more likes but like you said and I have to agree on this
Who cares about likes.

Instead of you to pick two points and discuss about it, you started desecrating the thread

Your aim is to make sure there is no meaningful contribution on the front page, for reasons best known to you.

Your assertions are not just outlandishly stupid, they are ridiculously provocative, you are doing more harm to this country than the Tinubu you insult, Honestly if I was allowed a no holds barred session I would have told you things that will take you into depression

You all think monopoly of madness belongs to you and your likes.

You need help in a lot of form and you need it fast.