ABUJA – President Bola Tinubu has reiterated that his decision to remove the fuel subsidy is aimed at safeguarding the future of Nigeria’s younger generations. Speaking at the inauguration of the National Youth Congress Planning Committee at the Presidential Villa, Abuja, Tinubu emphasized that his administration is committed to empowering the youth and securing a prosperous future for all Nigerians. Fuel Subsidy Removal: A Strategic Move for National Development Addressing the gathering, Tinubu reaffirmed that his policies are geared towards long-term economic growth. He stated: “Today is not for lengthy speeches, but I want to assure you that you are the hope of this nation. Every decision I have made is centered on securing the future. By removing the fuel subsidy, we are ensuring the economic stability of generations yet to come. Infrastructure development is essential, and we must invest in it.” The President also highlighted the issue of migration, known as ‘Japa’ syndrome, where young professionals leave Nigeria for better opportunities abroad. He stressed that by fostering economic prosperity at home, young Nigerians would find more reasons to stay and contribute to national growth. “When we create economic opportunities and empower our citizens, they will have fewer reasons to leave. This is your home, and it is your responsibility to build it into a thriving nation.” Economic Growth and Investment Prospects Tinubu acknowledged the challenges his administration faced initially but expressed optimism about the country’s economic progress. “When we started, things appeared uncertain and difficult. It felt like drawing water from a dry well. However, today, our economy is stabilizing, prices are dropping, and investor confidence is rising. Technology is advancing, creating new opportunities for young people.” The President urged Nigerian youth to take an active role in shaping the country’s future. He encouraged them to openly express their concerns and suggestions for national development. “Speak to me directly. Share your concerns and recommendations. We will work on implementing ideas that promote Nigeria’s prosperity.” Empowering Youth Through Technology and Agriculture During the event, Tinubu officially inaugurated the Youth Congress Planning Committee and urged them to embrace technology in every aspect of their work. “Let’s harness technology, explore agricultural opportunities, and create sustainable solutions to empower the youth. We must also work towards achieving food sovereignty for Nigeria.” Expressing his admiration for the younger generation, he added humorously: “I admire you all. If I had a chance to be young again, I would seize the opportunities available today. Unfortunately, that is not possible, but I remain dedicated to supporting you.” Youth Inclusion in Governance Minister of Youth Development, Ayodele Olawande, commended Tinubu’s commitment to youth engagement. He assured that the upcoming youth conference would serve as a platform for young Nigerians to contribute ideas for national progress. Olawande also revealed that the committee includes representatives from the Federal Ministry of Finance, civil society organizations, non-governmental organizations, and international partners such as the World Bank. Executive Director of Yiaga Africa, Samson Itodo, a key member of the planning committee, praised Tinubu’s administration for recognizing the role of youth in governance and national development. Conclusion Tinubu’s administration continues to emphasize economic reforms and youth empowerment as key drivers of national development. The removal of fuel subsidies, investment in infrastructure, and prioritization of technology and agriculture are expected to secure Nigeria’s future and create sustainable opportunities for young citizens. Read more about Nigeria’s economic policies. READ ALSO: Follow the LMSINT MEDIA channel on WhatsApp: Join Our WhatsApp Group Hear: Chat on WhatsApp Join our Telegram Channel
Former Vice-President Atiku Abubakar has criticized the current administration for its “trial-and-error economic policies,” asserting that he would have taken a different approach if he had been elected President. In a statement he personally authored, the Peoples Democratic Party (PDP) candidate from the last election accused President Tinubu’s government of implementing a “palliative” economy, something he believes should not have been done. Atiku attributed the country’s current economic difficulties to the reforms introduced by the present administration. He noted, “Unleashing reforms to establish a suitable exchange rate, cost-reflective electricity tariffs, and the price of PMS all at once is excessive.” While he supports the removal of subsidies, Atiku emphasized that his administration would have opted for a gradual approach, similar to what countries like Malaysia and Indonesia have done in recent years. He stated, “I’ve received numerous questions about what I would have done differently as President. The focus should be on President Tinubu and the critical actions he needs to take to alleviate the suffering caused by his experimental economic strategies.” Atiku expressed that his administration would have been more strategically planned, emphasizing thorough preparations, better diagnostic assessments of the country’s situation, and more extensive consultations with stakeholders. He pointed out that his reform agenda, outlined in his policy document “My Covenant With Nigerians,” was designed to protect the fragile economy from deeper crises and to support businesses effectively. He further argued, “Implementing reforms for exchange rates, tariffs, and fuel prices simultaneously is clearly overkill. Additionally, the Central Bank’s aggressive monetary tightening is problematic. As importers of petroleum products, removing subsidies without a stable exchange rate will lead to adverse effects.” Atiku insisted that a more strategic response to the fallout from reforms was necessary, highlighting the importance of not overestimating the benefits of reforms or underestimating their costs. He acknowledged that reforms can fail and that he would address institutional weaknesses proactively. He added, “I would have led by example. Any fiscal reforms aimed at improving liquidity must first address governance-related revenue leakages, including unnecessary government expenses. I and my team would not have indulged in luxury while citizens suffered.” The former Vice President emphasized that his reforms would be designed with empathy, advocating for a strong social protection program to genuinely support the poor and vulnerable instead of relying on a “palliative economy.” He outlined specific measures he would implement, including launching an Economic Stimulus Fund (ESF) with an initial capacity of around $10 billion to support micro, small, and medium enterprises (MSMEs) across all sectors. Additionally, he proposed a targeted skills-to-job program for youth, addressing both graduates and those currently not engaged in education or employment. Atiku reiterated his long-standing call for subsidy removal on PMS, criticizing the opacity and potential for corruption in its administration. He highlighted the significant profits derived from oil subsidies that benefit certain elites within public and private sectors. He prioritized three main areas: READ ALSO: A Man Jailed For Attempting To Sit 2019 UTME Exam For Daughter In Abuja In summary, Atiku Abubakar presented a comprehensive vision for addressing Nigeria’s economic challenges, contrasting it sharply with the current administration’s approach. We love having you back, Kindly Subscribe to our Newsletter.
