President Bola Tinubu has ruled out the return of fuel subsidy.
Tinubu made this known in a nationwide broadcast to Nigerians on Sunday.
The development is contrary to the demands of the ongoing #EndBadGovernance protesters, who are seeking a return of the controversial fuel subsidy scheme.
The President said the decision to remove the fuel subsidy was painful but necessary as it constituted a noose around the economic “jugular of our Nation and impeded our economic development and progress.”
“For decades, our economy has remained anaemic and taken a dip because of many misalignments that have stunted our growth. Just over a year ago, our dear country, Nigeria, reached a point where we couldn’t afford to continue the use of temporary solutions to solve long-term problems for the sake of now and our unborn generations.
“I therefore took the painful yet necessary decision to remove fuel subsidies and abolish multiple foreign exchange systems which had constituted a noose around the economic jugular of our Nation and impeded our economic development and progress,” he said.
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