President Bola Tinubu has announced that he will not partake in the economic destruction of the country by retaining the petrol subsidy.
Tinubu spoke on Thursday at a reception in his honour hosted by the Lagos state government.
The president said the bleeding of the country’s finances through the petrol subsidy should never be allowed to continue under any guise.
“We will be needing the necessary resources to achieve the promise we made to Nigerians during our campaign,” he said.
“We need to stop the bleeding of our finances through fuel subsidy and the arbitrary exchange regime. We have no choice.
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“We have to re-engineer the effectiveness of control and management of our resources in order to meet the obligations owed to Nigerians.
“I could have said yes I want a share of my benefit and participate in the arbitrage. But no, God forbid. That’s not why you elected me.”
The president said Nigerians would continue to see new and better initiatives that would benefit both the young and old.
Tinubu pledged to work with the National Assembly and state governors to achieve the renewed hope agenda of his administration.
On his part, Lagos governor Babajide Sanwo-Olu, said his colleagues are in full support of the policies and programmes of the current administration.
Sanwo-Olu said the support of the state governors is important for the realisation of the dream of a better Nigeria.