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President Bola Ahmed Tinubu has said he is aware Nigerians are being hurt by the effects of fuel subsidy removal on cost of living.

The president said he wished there were other paths to toe to turn around the country’s economy without removing fuel subsidy, but there was none.
Tinubu, who made these remarks during a nationwide broadcast on Monday, however said he did not mean to hurt the masses, adding steps were being take to ease the pain.

He said, “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.

“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.

“Already, the Federal Government is working closely with states and local governments to implement interventions that will cushion the pains of our people across socio-economic brackets.”

The President said he signed four Executive Orders in keeping earlier this month in line with his electoral promise to address unfriendly fiscal policies and multiple taxes stifling the business environment.

He noted that the Executive Orders on suspension of some taxes would provide the necessary buffers and headroom to businesses in the manufacturing sector to continue to thrive and expand.

“To further ensure that prices of food items remain affordable, we have had a multi-stakeholder engagement with various farmers’ associations and operators within the agricultural value chain.
“In the short and immediate terms, we will ensure staple foods are available and affordable.

To this end, I have ordered the release of 200,000 Metric Tonnes of grains from strategic reserves to households across the 36 states and FCT to moderate prices. We are also providing 225,000 metric tonnes of fertilizer, seedlings and other inputs to farmers who are committed to our food security agenda.

“Our plan to support cultivation of 500,000 hectares of farmland and all-year-round farming practice remains on course,” the President added.

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