Femi Gbajabiamila, Chief of Staff to President Bola Tinubu, has given Nigerians optimism about the imminent benefits of the fuel subsidy removal. Gbajabiamila shared this positive update after participating in the House of Representatives by-election in Surulere, Lagos State.
In light of the economic challenges faced by Nigerians, Gbajabiamila acknowledged the genuine concerns of the President and his administration. He highlighted that the global economic landscape is a contributing factor, necessitating thoughtful consideration.
Explaining the root cause of Nigeria’s economic issues, Gbajabiamila emphasized the administration’s efforts to establish essential economic fundamentals. This includes the removal of fuel subsidies, which he clarified as a necessary national concession. Gbajabiamila assured citizens that the benefits of subsidy removal would materialize soon, acknowledging that it might not be immediate but expressing confidence in the President’s strategic approach.
Addressing the prevalent issue of insecurity, Gbajabiamila called for unity among Nigerians in support of the President and his administration. While acknowledging security concerns as a shared responsibility, he assured that the President is actively engaged in addressing the challenges.
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On the fuel subsidy removal implemented by President Tinubu on May 29, 2023, Gbajabiamila acknowledged the resultant increase in fuel prices, affecting production costs, logistics, and power generation for small and medium-scale businesses. He underscored the significance of the recently inaugurated Dangote refinery, which is expected to reduce Nigeria’s reliance on imported refined crude oil. However, questions persist about its impact on fuel prices.
Gbajabiamila highlighted the President’s commitment to redirect the funds saved from subsidy removal to the health and education sectors. With Nigeria grappling with a 28.92% inflation rate, citizens are contending with the high cost of living, elevated food prices, and a challenging business environment leading to diminished employment opportunities nationwide.
In conclusion, Gbajabiamila encouraged collective efforts to overcome challenges, envisioning a brighter future for Nigeria through collaboration and unity.
