Why I overruled Dele Alake, Wale Edun on subsidy in my inaugural speech – Tinubu

President Bola Ahmed Tinubu has opened up on how his Special Adviser on Monetary Policy, Wale Edun, and Special Adviser on Special Duties, Communication and Strategy, Dele Alake, excluded fuel subsidy removal in his inaugural speech.

Tinubu had announced end to fuel subsidy in his inaugural speech, saying “it is gone”.

The announcement had sent a wave of shock across the country as fuel queues return to stations and the price of pump price was jerked up times three.

During an interactive session with members of the Nigerian community living in France, the president said he felt it was expedient to stop the subsidy on the first day.

He said fuel subsidy was a “scam” and disincentive to growth as it rewarded smugglers and reduced the burden of cost of the commodity for some countries.

Tinubu said the federal government had to save money to provide palliatives, assuring Nigerians of repositioning the education and health sectors, while the ongoing reforms on the economy will be sustained and expanded, with a view to relieving families struggling with the burden of poverty and insecurity.

He said more creative and innovative policies will be unfolded and implemented in areas that directly impact the livelihood of Nigerians, like electricity sports and energy.

“To all of you, our hope is renewed,’’ he said, welcoming a plethora of suggestions going forward for the economy, and explaining some of the short-term and long-term framework for providing growth opportunities for individuals, families and institutions.

President Tinubu, in a statement issued by Alake said the interest of Nigerians will always be protected, even in engagements with the international community, governments and multilateral institutions on global issues relating to climate change, energy transition, food security, trade, security and diplomacy.

“We have transport challenges, electricity challenges, infrastructural challenges and others. I let out the giant elephant of fuel subsidy without bringing down the house. Our diversity is our asset, if we know how to use it.’’

“We must promote unity and stability for all. Whether you voted for me during the elections, or not, I am your President. I will work on your behalf to ensure a turning point of prosperity,’’ the President told the gathering of professionals, including David Alaba, a footballer.

The President said he was presented with an option of meeting with a handful of Nigerians in France, but he preferred a larger number, pledging to be persistent, determined and focused on reforms for a better country.

He said he is the president of all Nigerians regardless of party affiliation and would work to promote unity, stability and economic justice for all.

The president said though the challenges were enormous but with perseverance, determination and persistency, the country could achieve whatever it desired.

He said: “To all of you our hope is reward. To all of you, the courage is here. And the promise of a better future is a must for us. I am here on a dual carriageway. What do I do and or do I respond to the new question of environmental challenges? How do I present my case for Nigeria whose dependency of fossil fuel is being challenged?

“I have transportation challenges, electricity challenges, infrastructural challenges just to name a few. And I have a giant elephant in the house. I let it out without bringing the house down. We are focused.

“Nigeria belongs to all of us. Our diversity is an asset if we know how to use it for our prosperity. Born of the same father, in the same house except living in different rooms. We must promote unity, stability and economic justice for every one of us.

“Thank you. Whether you voted for me, or you didn’t vote for me, campaigned for me, or you didn’t campaign for me. I am your president. By the grace of God, I have to work on your behalf and make in Nigeria a turning point for prosperity. So, your president is here. I dance for it and I have to continue to be prepared for it.

“The challenges are enormous but do we have hope? Yes. With perseverance, determination and persistency, we can achieve whatever we desire. It is clear to me, I know the road and I’ve been through what many of you have been through outside the country.

“I’ve been in America, in the UK, I have been a night guard, security, a door man in America. But I have achieved my aim. Making just a few smugglers rich. Some countries were bleeding us. Courage was missing. sometimes, I became an advocate of it. Remove this thing but God gave me the opportunity when I danced around, strategize with my team, we won the presidency. And the day I was declared winner I fell almost sick with joy. The few friends visited me rejoicing, so I asked the question you asked me to bring this trophy, this victory what do you do with it?

“I brought it. I won. We must achieve with it. We must change Nigeria with it. And then Wale Edun and co, we started debating, putting my speech together without the question on subsidy. I got to the podium, I was possessed with courage and I said subsidy is gone.

“They thought it was a joke of the century until I called NNPC. We are tired of feeding smugglers, making few people rich and subsidising the next door neighbour. I met with the President of Benin Republic, everybody is equal now, we are friends. We are conjoin twins joined by the hips, how we will separate each other is with this fuel subsidy. Let us see whether we will survive or not but we are going to survive you.

“Are you part of the jeun jeun? Do you want money increase in palliative, transportation what are you protesting about? Are you sharing part of the subsidy? If you protest, I will join you and protest against. And they stopped. No protest. Palliative, we will get but we have to save the money in order to embark on in palliative.”