President Bola Ahmed Tinubu has reaffirmed his administration's stance on the removal of fuel subsidies, despite ongoing nationwide protests that have turned violent in several states.
The protests, which began on Thursday, have resulted in at least 13 deaths and numerous arrests as demonstrators clashed with security forces.
President Tinubu, speaking with a heavy heart, acknowledged the turmoil and expressed his sorrow over the loss of lives in states such as Borno, Jigawa, Kano and Kaduna.
He emphasized the necessity of the subsidy removal, stating, "These decisions I made were necessary if we must prevent the country from going bankrupt."
The President highlighted the economic strain caused by the subsidies, noting that about 40% of Nigeria's revenue in 2022 was spent on them. He pointed out the corruption and opacity associated with the subsidy payments, which led to billions of dollars being lost through graft.
"On fuel subsidy, unfortunately, the budget before I assumed office is that no provision is there for fuel subsidy. So fuel subsidy is gone," Tinubu declared during his inauguration speech.
Despite the unrest, Tinubu urged protesters to suspend their rallies and engage in dialogue.
"We must stop further bloodshed, violence and destruction," he said, calling for unity and cooperation across all divides to reshape Nigeria's destiny. He assured citizens that his government is committed to addressing their concerns and improving the nation's infrastructure and economy.
Tinubu also announced measures to alleviate the economic impact of the subsidy removal, including incentives for farmers and the importation of mechanized farming equipment. He revealed plans to cultivate over 10 million hectares of land to boost food production and reduce prices.
In conclusion, Tinubu reiterated his commitment to democratic governance and the protection of citizens' rights.
"Our democracy progresses when the constitutional rights of every Nigerian are respected and protected," he stated, urging law enforcement agencies to maintain peace and order responsibly.
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