President Bola Tinubu addressed the nation and revealed that powerful individuals looted the nation’s treasury through payments for fuel subsidy and multiple exchange rates. He emphasized that the fuel subsidy had outlived its usefulness and cost the country trillions of Naira annually, which could have been better used for public services and national development. Tinubu stated that a select group of unelected individuals benefited from this system, impeding Nigeria’s progress towards becoming a fair and just society.
He also criticized the multiple exchange rate system, which led to currency speculation and favored a few at the expense of the majority. Tinubu saw the need to end these practices and reform the economy to address major imbalances and create a more equitable society.
Despite understanding the challenges posed by the removal of subsidies and the rise in the cost of living, Tinubu promised to alleviate the burden on the working class and vulnerable members of society. He acknowledged that this fight for economic reform would be critical in shaping the nation’s fate and future.
Tinubu recognized that those who profited from the flawed economic system would fight back, but he remained committed to the long-term good of the nation and the well-being of its citizens. The goal was to ensure that the people, not the power of money, hold sway in Nigeria’s democratic system.