- ‘I don’t believe in price control, we’ll work hard to supply the market’
- Dismisses possibility of reduction in size of cabinet
- Says no going back on controversial tax reform
President Bola Tinubu says he has no regrets about removing petrol subsidy in May 2023, insisting that Nigeria cannot continue to be Father Christmas to neighbouring countries.
“I don’t have any regrets whatsoever in removing petrol subsidies. We were spending our future, we were just deceiving ourselves, that reform was necessary,” the President maintained during a media chat on Monday at his Bourdillon residence in the highbrow Ikoyi area of the state.
Tinubu said petrol subsidy removal some 18 months ago has increased competition within the sector and that the pump price of petrol has gradually crashed.
“The market is being saturated. No monopoly, no oligopoly, a free market economy flowing,” he said.
The former Governor of Lagos State also said he does not believe in price control and he won’t go that path.
“I don’t believe in price control, we will work hard to supply the market,” he said.
He explained that the subsidy was removed because Nigeria could not afford it.
“You have to cut your coat according to your size. We must manage. Management is the issue.
“We were heading towards a slippery slope that will result in financial disaster for our children and our grandchildren. Where is the way out?
On borrowing, he said borrowing is not a crime and noted that Nigeria needed to borrow for infrastructure.
Tinubu dismisses possibility of reduction in size of cabinet
The President also dismissed any possibility of reduction in the size of his cabinet.
Tinubu’s cabinet of about 50 ministers has been described as the largest in Nigeria’s history.
In October 2024, Tinubu re-assigned 10 ministers to new ministerial portfolios and appointed seven new ministers for Senate confirmation.
He also sacked five of his ministers but critics insist that the President’s cabinet remains large, especially with the creation of a Livestock Ministry with a minister.
Many critics had faulted the large cabinet, saying it was insensitive and that the performance of the administration so far did not justify such a large cabinet.
Responding to a question on whether he had plans to reduce the number of his ministers at the media chat on Monday, the President said all the ministers were appointed for a purpose, especially for efficiency and effectiveness.
He stated, “I’m not prepared to bring down the size of my cabinet. One, I saw the need when I put them together. You don’t give somebody an assignment that they cannot fulfill. No.
“Job description must be efficient and effective. Nigeria is a large country.
“Let’s pay attention to efficiency. Efficiency and effectiveness are the hallmark of the philosophy behind that cabinet. I’m not ready to shrink a little bit of it.”
On the issue of effectiveness, Tinubu challenged his interviewers to name any of the ministers who are not performing up to task.
He added, “If you are to entertain over 200 million people, just on entertainment, calculate how many stewards you will require. That’s just for entertainment, not the cleaners.”
While acknowledging concerns about governance costs, the President’s response underscores his belief that a well-structured and capable team is crucial for achieving his administration’s objectives.
His comments suggested that he intends to prioritise performance and results over downsizing, viewing his current cabinet structure as necessary for the tasks ahead.
However, this position is likely to generate debate among Nigerians, especially those advocating for leaner government structures to address economic challenges.
President says no going back on controversial tax reform
President Tinubu also insisted that there is no going back on the controversial tax reform his administration recently introduced.
He insisted that the economy cannot be revived with the “old broken book.”
“Tax reform is here to stay; we cannot just continue to do what we were doing years to years in today’s economy. We cannot retool this economy with the old broken books, and I believe I have that capacity that is why I went into the race.
“I am focused on what Nigeria needs and what I must do for Nigeria, it is not just going to be Eldorado for everybody, but the new dawn is here, I am convinced, and you should be convinced,” Tinubu said.
On October 3, 2024 Tinubu forwarded four tax reform bills to the National Assembly.
The proposed Tax Reform Bills generated a lot of controversies since its introduction at the National Assembly, meeting serious resistance especially from the Northern part of the country.
Following the controversies the bills have generated, the National Economic Council had advised President Tinubu to withdraw the bills to allow for further consultations, but he had refused and said that the bills should go through the necessary legislative processes.
President claims indiscipline, poor organization responsible for recent stampedes in Abuja, Oyo, Anambra
President Tinubu also claimed that indiscipline and poor organization were responsible for recent stampedes in Oyo, Anambra states and Abuja where people died during distribution of palliatives.
Tinubu expressed the need for Nigerians to be more organised during such events.
“It is very sad that people are not well organised. We just have to be more disciplined in our society, condolences to those who lost a family member,” Tinubu said while speaking on the ugly incidents that have taken multiple lives.
Emphasizing that it is good to give to the less privileged, Tinubu recalled that he has been doing charity for a long time but never experienced such an incident because it was well organised.
“It is good to give, I have been giving out foodstuffs, commodities including envelopes for the last 25 years, I have never experienced this kind of incident because we are organised, disciplined. And if you know you don’t have enough to give, don’t attempt to even publicize it,” Tinubu said.
Many lost their lives and several others were wounded in multiple stampedes in Anambra and the FCT during the distribution of food items on Saturday, prompting the Inspector General of Police to ask organisers of similar charity works to carry security agencies along and ensure strict adherence to crowd and safety management protocols.
A few days before the Abuja and Anambra incidents, over 30 children lost their lives in a stampede during a children funfair in Ibadan, the Oyo State capital.
