Fuel Subsidy: We had no choice, need to stop Nigeria’s bleeding finances – Tinubu

…God forbid I participate in subsidy arbitrage – he says

….Promises he will not relent in working with available resources

…Says Nigeria can’t continue as Father Christmas to neighbouring Countries

…Says Emefiele’s cash swap didn’t work, terrible to Nigerians

…”I invoke the spirit of freedom”, he says.

…My support for nation’s project unflinching – Sanwo-Olu

…..Ambode falls in after four years

By Moses Adeniyi

As the discussion over the need to redeem Nigeria’s economy attracts a centre stage in about three weeks of the new administration, President Tinubu has said that the decisions his administration took immediately on the economy upon inauguration, were taken as urgent necessity to stop the bleeding in the nation’s finances.

According to Tinubu, he decided not to participate in the arbitrage entrenched in the Country’s finances in order to rescue the Country from collapsing.

The President stated this in Lagos at a state banquet organised for him by the Lagos State Governor, Mr. Babajide Sanwo-Olu on Thursday.

Tinubu’s clarification is coming on the heels of debates and criticisms which have trailed policies he immediately set in place upon inauguration, particularly on the discontinuation of the payment of subsidy on Premium Motor Spirit (PMS) and the harmonisation of the monetary policy.

President Tinubu who arrived the Lagos House, Marina at about 3.40pm, on Thursday after his visit to Ogun State, said Nigeria cannot continue to be “Father Christmas” to neighbouring countries permitted by the payment of subsidy on petrol, while the Country’s finances are bleeding.

Tinubu, who said the decision was unavoidable, said the burden of petrol subsidy was getting a hold on the foreign exchange for the Country.

’’We need to stop the bleeding of our finances through speedy actions of fuel subsidy. We had no choice from there, we must reengineer the effectiveness of control and management of our resources in order to meet the obligation owed to Nigerians by politicians.

“We are on and I am standing here reassuring you that I will not relent in working with all of you with available resources.

‘’You can’t afford to go under, you can’t afford to be Father Christmas to neighbouring Countries. We can’t just afford the petrol subsidy and it is getting a hold on the foreign exchange. I could say I want to share in the benefits and participate in the arbitrage but God forbid. No! That is why you elected me. You chose me to bring about changes that will benefit not only you, but your grand children and our tomorrow,’’ he said.

After receiving a gift of Adamu Orisa symbol from Governor Sanwo-Olu, President Tinubu who thanked and commended everyone who believes in the positive Nigerian project with him, promised to bring about changes that will benefit all, operate an open door policy and as well re-engineer the financial system of the country to enviable heights.

The host, Lagos State Governor, Mr. Babajide Sanwo-olu, promised to join hands with the President’s administration in rebuilding Nigeria to an unprecedented height.

Dignitaries at the event include Vice President Kashim Shetimma, the First Lady, Oluremi Tinubu who arrived about 4.17pm, National Assembly members, led by Senate President, Godswill Akpabio and House of Representatives Speaker, Tajudeen Abass.

Others include Governors Dapo Abiodun (Ogun), Hope Uzodimma (Imo), Abdullahi Sule (Nasarrawa), Babagana Zulum (Borno), Alex Otti (Abia), Fr. Hyacinth Alia (Benue), Bassey Otu (Cross River), Duoye Diri (Bayelsa), Yahaya Bello (Kogi) and Acting Governor Lucky Aiyedatiwa (Ondo).

Former minister of Works and Housing , Mr. Babatunde Fashola also a former governor in the state, Lagos State Deputy Governor Obafemi Hamzat, former Governors Akinwunmi Ambode (Lagos) and Abdullahi Ganduje (Kano) and former Lagos Deputy Governor Femi Pedro, were also at the event.

Business leaders were led by Aliko Dangote and Alhaji Rasak Okoya. Royal fathers of Awori extraction were also present at the grand reception.

Meanwhile, on Thursday was an event of interest as former governor of Lagos State, Akinwunmi Ambode joined his predecessor, Babatunde Fashola, and his successor, Babajide Sanwo-Olu, at the reception organised in honour of President Tinubu in Lagos.

The development marked a strange record as it is believed Ambode who reportedly had fallen out with Tinubu which cost him losing the seat for a second in 2019, met with Fashola, Sanwo-Olu and the President at the Lagos House, Marina for the first time in over four years.

Emefiele’s cash swap didn’t work, terrible to Nigerians

Meanwhile, President Tinubu also on Thursday said the Naira redesign policy iintroduced by Mr. Godwin Emefiele, the embattled Governor of the Central Bank of Nigeria (CBN), at the heels of the general election failed to work, but only recorded suffering for Nigerians.

This is just as he said he invoked the spirit of freedom during his electioneering plans when the games from those opposed to his ambition were taking different tolls.

The President said these while speaking at the palace of Awujale and paramount ruler of Ijebuland, Oba Sikiru Adetona, in Ijebu Ode, when he paid a visit to Ogun State.

He said during the campaign season, some of his popular statements which went viral were used to invoke the spirit of freedom.

Tinubu said the hardship that accompanied the CBN cash swap policy during the electioneering period forced him to invoke the spirit of freedom.

“I invoked the spirit of freedom in Ogun,” he said, adding that “it is a homecoming and I owe so much to all of you and there is so much to thank you for. Because of the way you have taken me and the way you’ve responded to me, all I can say is thank you.

“To many of you, thank you for being there for me and being there for the Country. You demonstrated so much loyalty, so much commitment and voted at a very crucial time.

“Your monies were confiscated. The cash swap didn’t work. It was terrible then. I realised that and I came to Ogun State to invoke the spirit of freedom for which we are noted for.

“I invoked that spirit twice. The spirit of Baba (referring to Awujale). The spirit of Baba – Emi l’okan (it’s my turn), that’s Baba. The spirit for being blunt and that is him.

“And the second spirit is that of money (Naira scarcity), ‘ama dibo ama wole’ (we will vote and we will win) even if there is no money. And that, ever since, has been the spirit that is driving me to serve.”