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Removing Subsidies Is Best Decision We’ve Made, Better Days Ahead – Presidency Tells Nigerians

Chairman of the Presidential Committee on Fiscal Policy and Tax Reforms, Taiwo Oyedele has assured Nigerians that hardship will soon be forgotten in the country.

He added that the ongoing economic reforms by President Bola Tinubu’s government are beginning to yield good results.

Speaking on Saturday at a conference organized by Covenant Nation in Lagos State, Mr. Oyedele noted that removing petrol subsidies is the best decision Nigeria could ever make.

He said: “Removing subsidies is the best decision we made as a country. And we can now say that for once, subsidy is gone.

“We were living on window-dressed realities. If you look back to about two years ago, naira exchange rate was N450 depending on who you asked.

“But was our exchange rate really N450? If you wanted to buy petrol, it was under N200 per litre, but was it really under N200 per litre?

“There wasn’t band A at the time. Electricity was what time at the time, but was that really the price? A country can afford to sell petrol at N200 per litre if you can afford it. But there is everything wrong if you can not afford it.

“So, Nigeria was doing worse than it ought to, and then we had this sense of “our economy was not doing great”. We thought that our economy is the largest in Africa.

“Our GDP was around N450 million dollars. We thought our per capital income is about $2, 000 per person but it was not up to that.

“Nigeria used all its revenue to service debts. We were not paying debts back o. we were just servicing it. In order what, everything other thing we did, from paying salaries to fighting Boko Haram, we were just borrowing.

Speaking further, Oyedele urged Nigerians to have positive outlook on the country.

He said: “There is nothing wrong with Nigeria. But maybe there is something wrong with the people ruling Nigeria.

“In America, people get killed every day by gunmen. But have you ever heard Americans say “May America never happen to you?’

“Let’s stop saying “May Nigeria never happen to you’. Maybe we can turn it into “May Nigeria work for me.”

SOURCE: Informationng

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