Fuel price hike in the interest of Nigerians – Tinubu

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Tinubu, in a statement issued by his media office said President Muhammadu Buhari did what was right by taking a bold step to remove subsidy, a move he said was necessary to clear the rot in the petroleum sector, The Cable reports.

He said allowing the situation to remain the same would have translated to a breach of the agreement which the ruling party had with Nigerians in the electioneering period and expressed confidence that the current government took a decision that serves the people best.

Read the full statement below:

“We all want fuel at a cheaper price under the subsidy, we got the right price but not the fuel,” the statement read.
“This change will mean higher fuel costs in generally. I would be lying if I said this will cause no pain or dislocation. However, it will rational supply and end the hidden buy substantial costs associated with long waits and delays for fuel. The days and hours of waiting for fuel will be a thing of the past.

“As originally envisioned, the subsidy formed a basic part of the social contract between the people and their government. It was a benefit all were to enjoy. Yet, because past governments were not for and of the people, the true meaning and objective of the subsidy policy became lost. Over the years, the operation of the measure was distorted to where it no longer functioned for the benefit of the masses but for the undue enrichment of a small club of businessmen, some legitimate in their work, some not.

“Instead of remaining a positive aspect of the social contract, the subsidy was transformed into an opaque haven of intrigue and malfeasance. It was turned into a shadowy process from which the unscrupulous extracted large sums of money without providing the services and products duly paid for. Fake businessmen became true billionaires over night as if by supernatural force. They paraded themselves as such.

“To allow this unfairness to continue would have been a breach of the promise made by this government to the people. While we all have an emotional and sympathetic attachment to the ideals upon which the subsidy was founded.

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