President Bola Tinubu has expressed his understanding of the difficulties Nigerians have faced since the removal of the petrol subsidy.
He said this in a nationwide broadcast on Monday.
He stated that pulling the subsidy was the only way to save the economy.
The president had announced the removal of the subsidy in his inaugural speech on May 29, which increased petrol pump prices and living costs in the country.
The Nigeria Labour Congress (NLC) issued a seven-day ultimatum to the federal government to reverse some of the administration’s policies, which they deemed “anti-poor” and “insensitive.”
Tinubu acknowledged that the economy is currently going through a difficult period due to the removal of the petrol subsidy.
He added that if there were other ways to address the economic issues without making the decision, “I would have taken that route as I came here to help, not hurt the people and nation that I love”.
Tinubu promised to “reduce the burden our current economic situation has imposed on all of us”.
“Our economy is going through a tough patch, and you are being hurt by it. The cost of fuel has gone up. Food and other prices have followed it,” the president said.
“Households and businesses struggle. Things seem anxious and uncertain. I understand the hardship you face. I wish there were other ways. But there is not. If there were, I would have taken that route as I came here to help, not hurt the people and nation that I love.
“What I can offer in the immediate is to reduce the burden our current economic situation has imposed on all of us, most especially on businesses, the working class and the most vulnerable among us.”