Business

Removal Of Fuel Subsidy Will Make Nigeria Prosperous – Tinubu

Published by Tope Fakinlede on October 24th, 2023.

Removal Of Fuel Subsidy Will Make Nigeria Prosperous – Tinubu

President Bola Tinubu has assured Nigerians that the removal of fuel subsidy would pave the way for investments in alternative energy sources, infrastructure and public services.

Tinubu said these investments would contribute to a stronger and prosperous Nigeria.

Speaking at the grand finale of the ongoing three-day combined convocation of the 37th and 38th academic sessions of the University of Ilorin on Monday, Tinubu said the pains and inconveniences associated with removal of oil subsidy will be short-lived.

Represented by the Minister of State for Education, Dr. Yusuf Tanko Sununu, Tinubu said people should look out for its potential long-term benefits.

He, however, admitted that Nigerians are enmeshed in economic pains as a result of the oil subsidy removal.

“While the short-term gains are expected with attendant pains, please look forward to the potential long-term benefits.

Meanwhile, The value of the naira continued its downward spiral at the opening of business activities on Monday crashing at the parallel market to N1,210 to the dollar as against N1,170 which it closed last week.