Excerpt of Tinubu’s 7pm National Broadcast

According to Thisday Live, this is an excerpt from President Tinubu’s 7 pm National broadcast that was released on Monday, July 31st, 2023.

Dear fellow citizens, I want to address the state of our economy and the actions I have taken to tackle the longstanding challenges we face. Understanding the rationale behind my policy measures is crucial, and I intend to explain them in clear and simple terms.

I believe it is vital for you to know where I stand and to share my vision for a stronger and more prosperous economy in our beloved country. I will avoid using complex economic jargon and concepts, opting instead to communicate in plain language.

For years, I have consistently advocated for the removal of fuel subsidies. While once beneficial, this measure had become obsolete and burdensome.

The subsidy was costing us trillions of naira annually, funds that could have been better utilized in areas such as public transportation, healthcare, education, housing, and national security. Unfortunately, this money was instead being funneled into the pockets of a privileged few.

This elite group had accumulated immense wealth and power, posing a serious threat to the fairness of our economy and the integrity of our democratic governance. Nigeria cannot fulfill its potential as long as such small yet influential, unelected groups hold sway over our political and economic institutions.

The few should never hold dominant power over the aspirations of the majority. If we truly aspire to be a democracy, the people must hold sovereignty, not the power of money.

The previous administration also recognized this impending danger and did not include subsidy provisions in the 2023 Appropriations beyond June of this year. Removing this once helpful mechanism, which had transformed into a burden for our country, has become an unavoidable necessity.

Additionally, the establishment of multiple exchange rate systems has only encouraged currency speculation, diverting funds that should have been invested in job creation, building factories, and supporting businesses for millions of people.

Our national wealth has been unfairly distributed, benefiting only a select few who have grown obscenely rich by simply shuffling money between hands.

It is therefore imperative that we address these two issues and work towards a more equitable and prosperous economy that benefits all Nigerians. Together, let us strive for a future where fairness and transparency guide our economy, allowing every citizen to thrive and contribute to our nation’s growth.

NigeriaNow (
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