In a nationwide broadcast on Monday, President Bola Tinubu empathized with Nigerians, acknowledging the hardship they have experienced since the removal of the petrol subsidy.
He stated that he understands the struggles faced by households and businesses due to the subsequent increase in the pump price of petrol, which has led to a hike in the cost of living across the country.
The decision to remove the petrol subsidy was announced by President Tinubu during his inaugural speech on May 29. While the move was aimed at rescuing the nation’s economy, it has triggered widespread concern and criticism.
The Nigeria Labour Congress (NLC) expressed discontent with some of the administration’s policies, branding them as “anti-poor” and “insensitive.” The NLC issued a seven-day ultimatum to the federal government, demanding a reversal of these policies.
In response to the mounting criticism, President Tinubu addressed the nation, acknowledging the challenges that have arisen due to the removal of the petrol subsidy. He stressed that the decision was made to rescue the economy and there were no other viable alternatives available at the time.
The president expressed regret that the current economic situation has inflicted hardships on Nigerians, particularly the working class and the most vulnerable sections of society.
President Tinubu reiterated his commitment to alleviating the burden imposed by the economic challenges and pledged to take action to support the people and businesses affected.
“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,” the president said.
“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.
“What I can offer in the immediate is to reduce the burden our current economic situation has imposed on all of us, most especially on businesses, the working class and the most vulnerable among us.”
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