President Bola Ahmed Tinubu has opened up on the vast amount of money that have been siphoned by a selected but unelected group of Nigerians going home with fat pockets and bank accounts.
The president made the shocking revelation on Monday July 2023, while addressing Nigerians during a nationwide broadcast.
He insisted that the money lost to fuel subsidy theft would have improved the living standard of all Nigerians if channelled into various sectors of the economy.
According to him: “For several years, I have consistently maintained the position that the fuel subsidy had to go. This once beneficial measure had outlived its usefulness. The subsidy cost us trillions of Naira yearly.
“Such a vast sum of money would have been better spent on public transportation, healthcare, schools, housing and even national security. Instead, it was being funnelled into the deep pockets and lavish bank accounts of a select group of individuals.
“This group had amassed so much wealth and power that they became a serious threat to the fairness of our economy and the integrity of our democratic governance.
“To be blunt, Nigeria could never become the society it was intended to be as long as such small, powerful yet unelected groups hold enormous influence over our political economy and the institutions that govern it.
“The whims of the few should never hold dominant sway over the hopes and aspirations of the many. If we are to be a democracy, the people and not the power of money must be sovereign.
“The preceding administration saw this looming danger as well. Indeed, it made no provision in the 2023 Appropriations for subsidy after June this year.
“Removal of this once helpful device that had transformed into a millstone around the country’s neck had become inevitable.
I want to talk to you about our economy.
“It is important that you understand the reasons for the policy measures I have taken to combat the serious economic challenges this nation has long faced”.
He said: “I am not going to talk in difficult terms by dwelling on economic jargon and concepts. I will speak in plain, clear language so that you know where I stand.
“More importantly, so that you see and hopefully will share my vision regarding the journey to a better, more productive economy for our beloved country”, he said.
