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UPDATED: : Tinubu speaks, won’t reverse petrol subsidy removal, naira floating
In a televised broadcast, the president said the policies, despite the temporary adverse effects, were necessary and had helped remove corruption in the sector.
byAbdulkareem Mojeed August 4, 2024 Reading Time: 3 mins read
President Bola Tinubu on Sunday said that his government would not reverse the removal of petrol subsidies and floating of the naira, two policies that protesters want reversed.

In a televised broadcast, the president said the policies were necessary and had helped remove corruption in the system despite their temporary adverse effects.

The policies have led to Nigeria’s worst cost-of-living crisis in decades, as prices of goods and services more than doubled across the country.
Thousands of Nigerians took to the streets on 1 August to demand economic and political reforms including the reversal of some government policies.

The protesters have remained defiant despite attacks by security agencies that have led to at least 13 deaths, according to Amnesty International, a figure the police disputes.

On 29 May 2023, Mr Tinubu, in his inaugural address, announced the removal of petrol subsidies to lift a major financial burden off the back of the government.

The aftermath of the policy has caused hardship for many Nigerians with its attendant increase in the prices of goods and services.

Mr Tinubu’s announcement led to an increase in fuel price from N197 to between N480 and N570, which immediately triggered a rise in transportation fares and prices of goods and services in the country.

Similarly, in July 2023, the petrol pump price was reviewed upward to N617/litre at various outlets of the Nigerian National Petroleum Company Limited (NNPC Ltd).

Also, during his inauguration speech, Mr Tinubu unveiled a plan to harmonise the nation’s multiple exchange rates as part of the broad plan to transform Africa’s largest economy.

The Central Bank of Nigeria has said there is no plan to revoke the licenses of Wema, Polaris and Unity Banks.

The acting Director of the Corporate Communications Department, Mrs Hakama Sidi Ali, on Monday, made this clarification in a statement.

Recall that a circular made the round on Monday suggesting that the apex bank has dissolved the boards of the three banks barely after revoking the license of Heritage Bank.

However, the apex bank spokesperson described the claim as false.

CBN reassured members of the banking public of the safety of their deposits and the banking system’s resilience.

“Without prejudice to the ongoing recapitalization process, I want to restate that the Nigerian banking industry remains resilient.

“Key financial soundness indicators remain within current regulatory thresholds.

“Customers are, therefore, encouraged to proceed with their transactions as usual, as the CBN is committed to ensuring the safety of the banking system,” she stated.

On June 3, CBN announced the withdrawal of license for Heritage Bank over poor financial performance.

To quell public panic, the Nigerian Deposit Insurance Corporation, NDIC assured Heritage Bank depositors that it had already begun the process of repaying their money.

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