PROTEST : Tinubu Rules Out Return Of Fuel Subsidy, Says Decision Painful But Necessary. ( See The Summery Of His Speech)

Contrary to the demands of the ongoing #EndBadGovernance protesters, President Bola Tinubu has ruled out the return of fuel subsidy.

 

The President in a Nationwide broadcast to Nigerians on Sunday morning, disclosed that even though the decision to remove the fuel Subsidy was painful, it was necessary because it has constituted a noose around the economic “jugular of our Nation and impeded our economic development and progress.”

 

Summary of President Tinubu’s Nationwide Address:

 

* Fuel subsidy removal is necessary.

 

*Commiserates with victims’ families over the death of their loved ones.

 

* Urge protesters to stop the protest.

 

* Economy remains anemic.

 

* Bulk stops with him.

 

* Aggregate revenue has doubled to N9.1trn in H1 2024.

 

* Productivity gradually increasing in the non-oil sector.

 

* Revenue to debt-service reduced to 68% in the last 13months from 97%.

 

* Cleared legitimate $5bn forex backlogs.

 

* Moves resulted in spending more money on Nigerians.

 

*States are receiving record high monies ever.

 

* Increased oil production to 1.6mbpd

 

* Investors are coming back.

 

* $500m foreign investment signed.

 

* CNG launched, to reduce transport cost by 60%.

 

* 1million conversion kits to be distributed at little or no cost.

 

*To date, N45.6bn student loan processed to students and schools.

 

* Established N200bn consumer credit scheme.

 

* Ordered the release of N50bn each for NELFUND, Consumer credit from crime proceeds from EFCC.

 

* Secured $620m for I-DICE for digital skills.

 

* Introduced Skill-Up program

 

* N570bn released to States for livelihoods support.

 

* 600,000 nano businesses have benefitted from nano grants, additional 400k businesses to benefit.

 

* 10 MSMEs built so far, more hubs to be built, 240,000 jobs.

 

* N1bn each made to big manufacturers at single digit interest rate.

 

* To launch renewed hope housing estates, to create jobs and stimulate the economy.

* Directed tariffs be removed on rice, other foods and medicines.

 

* Distributed fertilizers.

 

* To cultivate more than 10m hectares of land to raise food production.

 

* Mechanized equipment on the way

 

* A lot of work has gone on to stabilize the economy.

 

* The Govt is working to improve National infrastructure.

 

* Let nobody misinform you that the Govt does not care about you.

 

* We are in a new era of renewed hope.

 

* The results will soon be feasible to see and feel and enjoy.

 

* The economy is recovering.

 

* Don’t shut out the oxygen.

 

* Security agencies should continue to maintain peace and order within the human rights convention.

 

* Let’s choose hope over fear, unity over division, progress over stagnation.

 

 

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