In his nationwide address on Monday, President Bola Tinubu emphasized his determination to address economic defects that have disproportionately favored the wealthy elite. He has taken measures like eliminating fuel subsidies and implementing various fiscal policies to achieve long-term economic reforms.
Tinubu said: “I had promised to reform the economy for the long-term good by fighting the major imbalances that had plagued our economy.
“Ending the subsidy and the preferential exchange rate system were key to this fight. This fight is to define the fate and future of our nation. Much is in the balance.
“Thus, the defects in our economy immensely profited a tiny elite, the elite of the elite, you might call them.
President Tinubu acknowledged that these necessary steps to correct economic imbalances would face opposition from those profiting significantly from the existing system. Despite the challenges the nation’s economy faced, he assured the public of his commitment to working towards a brighter future for all citizens.
“As we moved to fight the flaws in the economy, the people who grow rich from them, predictably, will fight back through every means necessary.
While recognizing the current hardships experienced by households and businesses due to rising fuel and commodity prices, he affirmed that his primary goal is to help the people and the nation, even if it means making difficult decisions. President Tinubu expressed empathy for the challenges faced by the population and emphasized that he would have pursued alternative solutions if available. Still, the current measures were essential for the country’s overall progress and well-being.
“Our economy is going through a tough patch, and you are being hurt. The cost of fuel has gone up. Food and other prices have followed it. 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.