I Could Have Had My Share Of Benefit From Petrol Subsidy Payment – Tinubu

President Bola Ahmed Tinubu has taken a bold step to unify the official and parallel market foreign exchange rates in a bid to save Nigeria from financial haemorrhage.

Speaking at a reception organized in his honor by the Lagos State Government, President Tinubu revealed that he could have chosen to maintain the multiple exchange rates and personally benefit from it, but he prioritized the nation’s best interests instead.

In his statement, President Tinubu emphasized that he made the decision to unify the exchange rates, similar to his approach to fuel subsidy removal, for the greater good of Nigeria. He acknowledged that he could have participated in the arbitrage and gained personal benefits, but he stated firmly that he was elected to serve the people and not to exploit such opportunities.

The President stressed the importance of taking decisive actions in the early days of his administration. He explained that his government had also decided to halt the immediate payment of petrol subsidy, a move he believes is in the best interest of the nation. President Tinubu’s commitment to ending the era of subsidy payments on fuel has resulted in queues at filling stations across the country.

During his inaugural speech on May 29, President Tinubu declared an end to fuel subsidy payments, citing the need to stop the financial bleeding of the country. He expressed his determination to work with an open-door policy and called for partnership in rescuing Nigeria’s economy and transforming it into a resilient nation.