President Bola Tinubu has defended his administration’s decision to remove the fuel subsidy from the outset, describing it as a necessary reform to safeguard Nigeria’s economic future.
During his first presidential media chat on Monday night, Tinubu said: “I have no regrets whatever removing subsidies. It was necessary.”
The President explained that the subsidy regime was unsustainable, likening it to mortgaging the country’s future for present consumption.
“We were not investing; we were just deceiving ourselves. The reform was necessary. We cannot have expenditures; we don’t have revenue for them,” Tinubu said.
He further emphasised the importance of fiscal discipline, urging Nigerians to adopt better financial management practices.
“Cut your coat according to your size,” he advised, adding, “We had no choice but to pull the handbrake—not just for us, but for our children and grandchildren.”
The President also acknowledged the challenges arising from the subsidy removal, including resistance from smugglers.
“I can see smugglers fighting back,” Tinubu remarked, emphasising the need for strict enforcement and structural reforms.
He reiterated his administration’s commitment to making tough but necessary decisions to stabilise the economy.
Addressing a recent stampede incident at a charity event that led to multiple casualties, the President extended his condolences to the families of the victims.
Tinubu, who has a 25-year history of philanthropy, lamented the tragedies and called for better organisation and contingency planning in such events.
“It is sad that people are not respected or are abused in situations like this. If you don’t have enough to give, don’t publicise it,” he said.
He urged organisers to prioritise safety and ensure proper crowd management to prevent future occurrences.
No Going Back On Tax Reforms
On tax reforms, President Tinubu reaffirmed his administration’s commitment to implementing comprehensive tax reforms, stating that they were essential for Nigeria’s economic transformation.
LEADERSHIP reports that there has been resistance from some quarters to Tinubu’s four Executive Bills on Tax Reforms before the National Assembly.
But, speaking during his maiden presidential media chat with select journalists in Lagos on Monday night, Tinubu stressed that the reforms were aimed at modernising the tax system, broadening the revenue base, and supporting the nation’s development goals.
“Tax reforms are here to stay. We cannot just continue to do what we were doing yesterday,” Tinubu declared. “We cannot retool this economy with the old broken pot.”
According to him, the tax reforms were designed to be pro-poor and inclusive, targeting the expansion of the tax net rather than burdening low-income earners.
“All we ask for is to widen the net, make the cake larger, so we can share a larger meal,” he explained.
Tinubu highlighted the importance of eliminating outdated colonial-era taxes, describing them as ineffective for Nigeria’s current economic realities.
He also underscored the need to address tax evasion, stating, “You cannot satisfy a larger community of tax invaders.”
The President asserted that his administration was focused on making tough but necessary decisions to stabilise the economy.
“A hallmark of a good leader is to do what needs to be done at the right time. I believe I have the capacity,” Tinubu said, adding that the reforms represented a “new dawn” for Nigeria.
While acknowledging that the transition will not be easy for everyone, Tinubu stressed the importance of staying the course.
“It will not be El Dorado for everyone, but I am laser-focused on what Nigeria needs and what I must do for Nigerians,” he said.
Tinubu also defended his cabinet’s large size and calls for reduction, asserting that his ministers added value and effectively managed their assignments.
“Nigeria is a large country. I need my cabinet; they are adding value effectively,” he said. “You don’t give someone an assignment they cannot fulfill. Job descriptions must be efficient and effective
Tinubu concluded by expressing confidence in the direction of his administration, urging Nigerians to embrace the changes necessary for long-term prosperity. “The essence of tax reform is to create a system that supports growth and development. The new dawn is here, and I am convinced,” the President stated.
The President also emphasized the need to tackle the root causes of corruption in Nigeria, advocating for systemic solutions that address the socio-economic factors driving the problem.
Tinubu underscored the importance of improving living conditions, ensuring access to social amenities, and providing fair wages to reduce corruption in all its forms.
The President also unveiled plans to transform Nigeria’s agricultural sector.
“We will give more incentives to the farmer. Mechanised farming is better for us in Nigeria,” he said.
The president also said Nigeria is “moving forward” despite his “drawing water from a dry well. Nigeria is on the path of recovery, but we cannot finish the job in one calendar year”.
He demanded a “credit” score for “managing” the country’s debt profile.
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