Full text of President Tinubu's address to Nigerians on current economic challenges

<p>This is the full text of President Bola Ahmed Tinubu’s address to Nigerians on Monday, July 31, 2023.</p>, <span>President Bola Tinubu Presidency</span>, <h2>In a bid to allay the fears of Nigerians on the current state of Nigeria’s economy, President Bola Tinubu addressed the nation on Monday, July 31, 2023.</h2>, <p>The President’s speech came two months after he announced the removal of fuel subsidy in his inauguration speech on Monday, May 29, 2023.</p>, <p>In his speech, he re-explained the reason his administration needs to do away with fuel subsidy and the multiple exchange rate system.</p>, <p>Read the full speech below.</p>, <h2>My fellow citizens,</h2>, <p>I want to talk to you about our economy. It is important that you understand the reasons for the policy measures I have taken to combat the serious economic challenges this nation has long faced.</p>, <p>2. I am not going to talk in difficult terms by dwelling on economic jargon and concepts. I will speak in plain, clear language so that you know where I stand. More importantly, so that you see and hopefully will share my vision regarding the journey to a better, more productive economy for our beloved country.</p>, <p>3. For several years, I have consistently maintained the position that the fuel subsidy had to go. This once beneficial measure had outlived its usefulness. The subsidy cost us trillions of Naira yearly. Such a vast sum of money would have been better spent on public transportation, healthcare, schools, housing and even national security. Instead, it was being funnelled into the deep pockets and lavish bank accounts of a select group of individuals.</p>, <p>4. This group had amassed so much wealth and power that they became a serious threat to the fairness of our economy and the integrity of our democratic governance. To be blunt, Nigeria could never become the society it was intended to be as long as such small, powerful yet unelected groups hold enormous influence over our political economy and the institutions that govern it.</p>,