President Bola Tinubu has defended his administration’s decision to remove fuel subsidy, claiming the naira would have become worthless if the government had failed to take decisive action.
President Tinubu spoke at a state reception held in his honour at the newly constructed Banquet Hall of ARISE Palm Resort in Uyo, Akwa Ibom State, following an APC rally at the Godswill Akpabio International Stadium.
The President said his administration inherited an economy in which 27 of the 36 state governors were unable to meet salary obligations, pensions and gratuity payments.
“When I took over, 27 governors out of 36 of this country were unable to pay salary obligation, not to talk of pension and gratuity. Today I stand before you able to say we are out of that tunnel,” he said.
Defending the removal of fuel subsidy, President Tinubu argued that the naira would have lost virtually all its value if the government had maintained the policy.
“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,” he said.
He maintained that his administration would not reverse the policy, declaring that Nigeria would not return to fuel subsidy.
The President also criticised opposition figures Peter Obi and Atiku Abubakar, questioning their leadership records and accusing them of abandoning difficult situations.
He faulted Obi over erosion challenges in Anambra State and accused Atiku of abandoning the Peoples Democratic Party when his leadership faced internal challenges.
President Tinubu also highlighted his administration’s education policy, describing education as a major tool for tackling poverty.
He said funds recovered by the Economic and Financial Crimes Commission would be channelled into the government’s education programme to expand access to learning and reduce the financial burden on parents.
The President urged residents of Akwa Ibom to support his administration and reaffirmed his commitment to the proposed Ibom Deep Seaport project.