By Emmanuel Enebeli
ABUJA/Nigeria: President Bola Tinubu reaffirmed his commitment to correcting economic defects that have disproportionately favoured the wealthy. He emphasized that measures such as the removal of fuel subsidy and implementation of other fiscal policies were crucial to achieving this objective.
Tinubu acknowledged that those who had benefited from the previous economic order would resist the reforms. Nevertheless, he assured the public that he would strive to alleviate the burden placed on the working class and the most vulnerable citizens due to the current economic situation.
The President stated, “I had promised to reform the economy for the long-term good by fighting the major imbalances that had plagued our economy. Ending the subsidy and the preferential exchange rate system were key to this fight. This fight is to define the fate and future of our nation. Much is in the balance.”
Highlighting the unfair distribution of economic gains, Tinubu remarked, “Thus, the defects in our economy immensely profited a tiny elite, the elite of the elite you might call them. As we moved to fight the flaws in the economy, the people who grow rich from them, predictably, will fight back through every means necessary.”
While acknowledging the hardships faced by the populace, he assured them that he would work towards easing their difficulties. Tinubu explained, “Our economy is going through a tough patch, and you are being hurt by it. The cost of fuel has gone up. Food and other prices have followed it. Households and businesses struggle. Things seem anxious and uncertain. I understand the hardship you face. I wish there were other ways. But there is not. If there were, I would have taken that route as I came here to help not hurt the people and nation that I love.”
The President promised immediate interventions in collaboration with the Federal Government, states, and local governments to mitigate the impact of the economic challenges on various socio-economic brackets. He said, “What I can offer in the immediate is to reduce the burden our current economic situation has imposed on all of us, most especially on businesses, the working class, and the most vulnerable among us.”
President Tinubu’s address signaled his determination to address economic disparities and ensure a more equitable future for all citizens. However, he also acknowledged the resistance that would inevitably arise as vested interests seek to protect their privileges. With the country facing economic uncertainties, the President’s focus on alleviating the burden on the most affected sectors of society appears to be a key element of his strategy to navigate these challenging times.
