President Bola Ahmed Tinubu has said the removal of petrol subsidy has enabled his administration to fund major infrastructure projects and ensure regular payment of salaries to workers across the country.
Mr Tinubu made the remarks on Thursday while acknowledging the role of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) in supporting his administration’s economic reforms when executives of the Union paid him a courtesy visit in Abuja.
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The president said the subsidy regime had become unsustainable, insisting that the government would soon publish details of how funds saved from the policy had been utilised.
“I had a threat of possible strike and I have noticed you may strike all you want but the first subsidy will be gone,” Mr Tinubu said.
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“Today, to the benefit of our great country, I will soon publish the utilisation of what it is.”
He challenged arguments that the removal of subsidy had harmed the “common man”, saying workers at the local, state and federal levels also constitute ordinary Nigerians who benefit from the government’s ability to meet its salary obligations.
“Who are the people receiving the salaries in the local government administration? Are they not common men and women receiving salary regularly at the state level?” he asked.
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“Are they not common men and women, the ordinary people receiving salary at the federal government regularly?”
Mr Tinubu said the economic reforms should be viewed as part of a broader effort to restructure the Nigerian economy.
“The economy is not a church play. It’s a system of financial engineering and research,” he said, while thanking stakeholders for their cooperation with the government.
Infrastructure funding
The president also linked the reforms to the government’s ability to finance major road projects across the country.
He cited the Lagos-Ibadan Expressway, Abuja-Kaduna, Abuja-Sokoto and Badagry road projects, among other highways and road networks, as examples of infrastructure investments being pursued by his administration.
According to him, the projects are aimed at improving economic activity and enhancing the safety of Nigerians.
“I’m glad you have seen the effect of being able to find funding for long-term projects,” Mr Tinubu said.
“It’s all for the good of us and good of our economy and the safety of our people.”
CNG benefits
Mr Tinubu also appealed to transport operators to ensure that the benefits of the government’s compressed natural gas (CNG) initiative are passed on to commuters.
He said while the introduction of CNG had helped reduce operating costs for some transport operators, the savings were yet to translate sufficiently into lower fares for passengers.
“I will appeal to you, we will do more, we will encourage you, but ask your drivers to let it trickle down to the commuters too,” he said.
“Whatever benefit that is coming from CNG is going to the pocket of truck owners. It’s not spreading as fast as I would like it, but it should spread.”
Refineries
The president also assured Nigerians that the country’s refineries would return to productive operations, but cautioned that physical activity at a refinery should not be mistaken for economic viability.
“The refineries that you mentioned is going to come back to work,” he said.
“Ordinary flame and the smoke of refinery doesn’t mean that it’s working until it’s profitable and yield the value for which it is built.”
Mr Tinubu said his administration had inherited both the assets and liabilities of previous administrations and would take responsibility for fixing the country’s economic challenges.
“I’m not a man who go looking back on everything because I’ve accepted the asset and liability of my predecessor,” he said.
“No matter what has happened in the years past, it’s my responsibility now as the president to fix it, make it work for the largest common value of our population.”
‘Better Nigeria’
Mr Tinubu also appealed to Nigerians to remain patient with the government’s economic reforms, describing democracy as a process that requires perseverance and endurance.
READ ALSO: EXPLAINER: What Tinubu’s new deep offshore tax incentives mean for Nigeria
He acknowledged the difficulties associated with managing a democratic government but expressed optimism that the reforms would ultimately deliver better economic conditions.
“Democracy is about celebration of freedom and opportunity that must be cherished by all of us,” he said.
“It’s not easy to manage a democratic regime full of twists and turns, hills and valleys and all of that, but it’s true perseverance, endurance and good determination that we can bring about a relief of a newborn baby in a pregnancy.”
The president added: “You see the joy of life it is. Motherhood is painful but the joy is everlasting and I promise you, you will enjoy better Nigeria.”
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