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.”
Tinubu expressed confidence in his security architecture, saying he has no reason to sack or probe his security chiefs.
Here are ten (10) key takeaways from President Tinubu’s first Presidential Media Chat:
1. Has no regrets removing subsidy
Declaring that he had no regrets removing fuel subsidy, he insisted that his controversial tax reforms had come to stay, in spite of opposition from some quarters. Though, he hinted that the government might be open to negotiation on the aspect of the tax reforms dealing with Value Added Tax (VAT).
He said his government’s reforms, though coming with unintended painful consequences, were not intended to inflict pain on Nigerians, but to lead the country to the glorious future that the people crave.
The president blamed palliative organisers for the recent stampedes that caused several deaths in different parts of the country.
Despite spiraling inflation, Tinubu said he did not believe in price controls. He said the market should be supplied, while allowing the forces of demand and supply determine prices.
The president said his administration had met its financial obligations without resorting to the Nigerian National Petroleum Company Limited (NNPCL) for funding.
2. Tinubu says borrowing not a crime
Tinubu defended his government’s huge appetite for loans, saying borrowing for infrastructure is not a crime.
3. No plan to shrink large cabinet
He passed a vote of confidence on his cabinet, and dismissed suggestion to trim the cabinet size.
Speaking to Nigerians as part of his parting shots at the end of the media chat, Tinubu said, “I seek your understanding. I understand the trouble you’ve been through: the economic problems. It is just 18-month that I’ve taken the reign. We’ll maintain focus. Let’s believe in ourselves and in our country. Tomorrow will bring a glorious dawn.”
Tinubu assured Nigerians that 2025 would usher in economic prosperity and growth, emphasising that he understands the plight of the people.
He said, “2025 is a very promising year. Let me thank Nigerians for having confidence in me to be the president of the Federal Republic of Nigeria. I’m very proud of that.
“I don’t want you to think that I will take it for granted at any given time. It is all about service. I will do it with all my heart. I seek your cooperation all the time.”
4. Security | Corruption | Probes
Tinubu told the Presidential Media Chat panel anchored by Dr Reuben Abati of ARISENEWS TV that leaders of the country’s security services deserve commendation, not probe.
He said, “I’m not probing service chiefs. You cannot disrespect the institution because of threat of war, without investment in technology, in weaponry and training.
“There might be leakages here and there. We put a very effective control mechanism in place to monitor our budget releases, and those funds have been judiciously used.
“Consider the welfare of our service men and women, consider it. They are living and are operating in a very serious conditions. We have huge country, a very huge world, and lot of forests, unoccupied spaces.
“Give them credit for what they are doing. I am proud of what they are doing to date. No need to probe. I have confidence in my security architecture. It is very, very unfortunate that, you know, two decades of wanton killing.
“I remember when I jumped into the campaign. I had to stop the campaign to pay condolences to Maiduguri, Katsina, Kaduna, Yola. Today, you can still travel the roads. Before now, it was impossible.
“It takes one incident to mess up an organised environment. It takes one. You cannot say the military is not prepared. When the 9th Brigade Battalion was attacked, you can’t laugh at your nation because of that.
“The enemies, with faith and without, are watching what you are doing. You have to be prepared 100 per cent, 24 hours of the day, to make sure that people are safe.
“Today, that is not the story any longer. People can leave Kaduna and still go towards Kafancha by road. Well, the road may not be that smooth. I’m not saying it won’t. Gradually, we will get there.”
5. Defends Removal of Fuel subsidy
The president stressed that he had no regrets removing fuel subsidy at his inauguration on May 29, 2023. He said failure to do so would have amounted to the country spending the lives of its future generations.
Tinubu stated, “We were spending our future, We were spending our generations when we claimed we were giving subsidy to Nigerians on petrol. We were not investing.
“We were just deceiving ourselves. That reform (fuel subsidy removal), is necessary. I could see the small glass crashing back. This is the way out. The fact that we give out fuel, allow all the attacks. We cannot spend our future generations’ investment up front.”
Asked if he thought the removal should have been done in phases, Tinubu said it might have worked that way, too.
He stated, “Please, no matter how you cut it or you slice it in segments, you stay out of the middle of the deal. So, cut your coat, stick it to your side. It’s what we have to manage.
“We have no choice but to pull the handbrake. Otherwise, we are headed for slippery slopes. That could result in financial disaster, not just for us, but our children and grandchildren. Where is the inheritance? Where is the pathway to prosperity?”
The president, who cracked a joke about one of his friends who had stopped driving limousine cars since the fuel subsidy was removed, urged Nigerians to live within their means.
6. Insists on Tax reforms
On the controversial tax bills, Tinubu said, “Tax reform is here to stay. We cannot just continue to do what we were doing yesteryears into this economy. We cannot retool this economy with the old broken boat. I believe I have that capacity (to govern this country). I believe so.
“That’s why I went into the race. I have focus, lots of focus, on what Nigeria needs and what I must do for Nigeria. It’s just not going to be Eldorado for everybody. But the new dawn is here. I’m convinced. You should be convinced. You (the media) should help propagate that conviction.”
7. Claims government meeting obligations without recourse to NNPCL funds
The president scored his government high with the results already being recorded based on the economic reforms being implemented.
According to him, “When you look at the petroleum revenue, I can tell you, pushed me to my brag mode. In the last three months, I have not taken a penny from the NNPCL before I meet my other obligations.
“That’s excellent. That’s excellent. I repeat, without falling back to the old order, without going into ways and means, I’ve met all obligations.”
He, however, refused to speak on the VAT component of the tax reforms when asked to make some comments on it.
“Why do you want to know that today? Tax matters are subject of debates, reviews, negotiations, not huge concessions. That’s all I’m going to say about that. I don’t mind much energy,” he said.
The president said no amount of time would satisfy the critics, and he needed to take action, nevertheless.
8. Blames organisers for stampedes during palliative/aid distributions in Oyo, Abuja & Anambra
On the tragic incidents that claimed the lives of many people due to stampedes at the distribution of palliatives by some non-governmental organisations in Oyo Anambra states, and the FCT, Tinubu described the development as sad, and blamed the organisers of the events
He also warned that anyone or group that did not have enough palliatives to give should not call many people to a single place.
Tinubu said, “I’ve never experienced this kind of incident, because you have to organise, you have to discipline, and if you don’t have enough to give, don’t attempt to give or publicise it.
“Every society, even in America, they have food banks; they have hungry people. In Britain, they have food banks, they have warehouses, they are organised, they take time to be on the queue and take turns to collect.
“It’s unfortunate, we just have to learn from our past mistakes. It’s a reflection in our bus stops, where we don’t even want to be on queue before we rush into the vehicle.
“It is very sad, but we continue to learn from our mistakes. To me, I see this as a very grave error on the part of the organisers. However, it doesn’t kill our happiness, but this shouldn’t be.”
Tinubu announced during the Presidential Media Chat that he had reduced debt service from 98 per cent to about 68 per cent and defended the country’s borrowing appetite, arguing that it is not a crime to borrow.
He pointed to ongoing infrastructure project and other investments enabled by borrowing.
The president said he had confidence in his cabinet and would not reduce its size, saying he believes that the ministers are doing what they need to do.
He said his cabinet should be given credit for what it was doing, and there was no need to investigate the members.
Tinubu, who said the country was moving forward despite criticisms from some quarters, described the proposed 2025 appropriation bill as budget of restoration and hope, adding that the country remains on the path of recovery.
He admitted that healing the country was not feasible within a year and asked Nigerians for patience with his government.
Among other things, the president said there was no need to embark on expenditure when revenue remained a challenge, adding that Nigerians must learn to manage in the situation.
9. Insists reforms are necessary for growth
Explaining that the ongoing reforms were not designed to inflict pains on the people, but “we want this country to grow”, the president stressed the need for the country to produce more for consumption locally, as well as export.
He said improved security would help farmers to return to their farms to boost food production, saying there is need to further encourage the manufacturing of drugs in Nigeria, and put up incentives to harness other potential.
On food security, the president said the country had all it took to turn disaster to prosperity, and all that was needed was to “remove conflicting elements”.
Tinubu said during the Presidential Media Chat there was need to embrace commodity exchange, but he kicked against price control mechanism to rein in inflation, saying he would rather that prices were left to market forces to determine than control them.
10. He doesn’t believe in price control
“I don’t believe in price control. We just need to continue to supply the market,” he said, explaining that demand and supply would eventually reach an equilibrium and find their real bearing.
