President Bola Tinubu says he is aware that his decision to remove subsidy on petrol will impose an “extra burden on the masses of our people.”
Mr Tinubu in his Democracy Day speech to Nigerians said the decision to remove the subsidy “is one decision we must bear to save our country from going under and take our resources away from the stranglehold of a few unpatriotic elements.”
He said the decision to remove the subsidy will “free up for collective use the much-needed resources, which had hitherto been pocketed by a few rich.”
Recall that the president at his inauguration on 29 May announced the removal of subsidy on petrol. This led to an increase in petrol prices by almost 200 per cent across the country.