Tinubu commends removal of fuel subsidy as IPMAN kicks

…Fuel queues return

By Tom Okpe

President Bola Ahmed Tinubu at inauguration, commended the previous government, led by President Muhammadu Buhari for removing fuel subsidy cost from the National Budget, promising to govern, impartially.

The President, on Monday while giving his inaugural speech to the nation said subsidy can no longer justify its ever-increasing costs in the wake of drying resources.

He said: “We commend decision of the outgoing administration in phasing out the petrol subsidy regime which has increasingly favoured the rich more than the poor.

“We shall instead, re-channel the funds into better investment in public infrastructure, education, health care and jobs that will materially improve the lives of millions.”

President Bola Tinubu on Monday, took his oath of office as the 16th President, with a plea for support from his opponents in the February 25th Presidential election, assuring that his administration will “govern on your behalf but never rule over you.”

He stated; “We shall consult and dialogue but never dictate. We shall reach out to all but never put down a single person for holding views contrary to our own.

“Nigeria will be impartially governed according to the constitution and the rule of law.

“We are here to further mend and heal this nation, not tear and injure it.”

He described the February 25th Presidential election as ‘Hard fought Contest,’ saying; “it was also fairly won. Since the advent of the Fourth Republic, Nigeria has not held an election of better quality.

“The outcome reflected the will of the people. However, my victory does not render me, more Nigerian than my opponents. Nor does it render them any less patriotic.

“They shall forever be my fellow compatriots. And I will treat them as such. They represent important constituencies and concerns that wisdom dare not ignore.

“They have taken their concerns to court. Seeking legal redress is their right and I fully defend their exercise of this right. This is the essence of the rule of law.

“Over six decades ago, our founding fathers gave bravely of themselves to place Nigeria on the map as an independent nation.

“We must never allow the labour of those who came before us to wither in vain but to blossom and bring forth a better reality.

He pleaded with his opponents to take the next great step in the journey they began and believed in.

“Today, let us recommit our very selves to placing Nigeria in our hearts as the indispensable home for each and every one of us regardless of creed, ethnicity, or place of birth.”

President Tinubu while acknowledging his supporters who voted for him, extended his hand across the political divide to his opponents

“I ask you to grasp it in national affinity and brotherhood. For me, political coloration has faded away. All I see are Nigerians.

“May we uphold these fitting and excellent notions as the new Nigerian ideal.”

He also, promised to defend the nation from terror and all forms of criminality that threaten the peace and stability of our country and our subregion, added that “ we shall remodel our economy to bring about growth and development through job creation, food security and an end of extreme poverty.

The President while assessing the journey that brought Nigeria to the current position, noted that the nation’s journey has been shaped by the prayers of millions, and the collective sacrifices of us all.

“We have endured hardships that would have made other societies crumble.

“Yet, we have shouldered the heavy burden to arrive at this sublime moment where the prospect of a better future merges with our improved capacity to create that future.

“To the surprise of many but not to ourselves, we have more firmly established this land as a democracy in both word and deed.

He declared that peaceful transition from one government to another has now become Nigeria’s political tradition, adding that “This handover symbolizes our trust in God, our enduring faith in representative governance and our belief in our ability to reshape this nation into the society it was always meant to be.

He described former President Muhammadu Buhari as an honest, patriotic leader, who has done his best for the nation you love.

“On a more personal note, you are a worthy partner and friend. May History be kind to you”

He also noted that for many years, Nigeria’s critics have trafficked the rumour that the nation will break apart, even perish.

“Yet here we are. We have stumbled at times, but our resilience and diversity have kept us going.

“Our burdens may make us bend at times, but they shall never break us.

“Instead, we stand forth as Africa’s most populous nation and as the best hope and strongest champion of the Black Race.

“As citizens, we declare as one unified people devoted to one unified national cause, that as long as this world exists, Nigeria shall exist,” he added.

Meanwhile, the Independent Petroleum Marketers Association of Nigeria has opposed the plan by President Bola Tinubu to enforce his predecessor’s decision to remove fuel subsidy by June ending.

Tinubu had earlier on Monday, in Abuja, affirmed that his administration would not continue to pay subsidy on petroleum products.

He said given the high opportunity cost the Federal Government was suffering to fund subsidies, it was no longer justifiable to continue.

“The fuel subsidy is gone!” Tinubu exclaimed during his inaugural address at Eagle Square, Abuja, shortly after he was sworn-in as the 16th President of Nigeria

The President said “Subsidy can no longer justify its ever-increasing costs in the wake of drying resources. We shall instead re-channel the funds into better investment in public infrastructure, education, health care and jobs that will materially improve the lives of millions.

“We commend the decision of the outgoing administration in phasing out the petrol subsidy regime which has increasingly favoured the rich more than the poor.

Tinubu said since there was no provision for subsidy in the budget from June 2023, and it stands removed.

On his economic agenda for the next four years, Tinubu said his administration would target a minimum annual GDP growth of six per cent. To do this, the new government will enact budgetary and tax reforms that will boost the economy and address multiple taxation that stymies foreign direct investment.

“On the economy, we target a higher GDP growth and to significantly reduce unemployment. We intend to accomplish this by taking the following steps: First, budgetary reform stimulating the economy without engendering inflation will be instituted.

“Second, industrial policy will utilize the full range of fiscal measures to promote domestic manufacturing and lessen import dependency.

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“Third, electricity will become more accessible and affordable to businesses and homes alike. Power generation should nearly double and transmission and distribution networks improved. We will encourage states to develop local sources as well.”

To foreign and local investors, he said “Our government shall review all their complaints about multiple taxation and various anti-investment inhibitions. We shall ensure that investors and foreign businesses repatriate their hard-earned dividends and profits home.”

However, reacting on Monday, IPMAN said it was opposed to the new president’s subsidy removal plan.

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