Nigeria's new President, Bola Tinubu, has broken his silence on the issue of the ending of the fuel subsidy since making the announcement that it was "gone" when he was sworn in a fortnight ago.
The decision led to a rapid rise in petrol prices.
Using a speech on Nigeria's Democracy Day holiday, President Tinubu told citizens: "I feel your pain."
In exchange for the ending of the subsidy, Mr Tinubu promised that he would repay Nigerians "through massive investment in transportation infrastructure, education, regular power supply, healthcare and other public utilities that will improve the quality of lives".
But he said that sacrifices must be made: "This is one decision we must bear to save our country from going under and take our resources away from the stranglehold of a few unpatriotic elements."
Though the ending of the subsidy was expected, the stark announcement in his first minutes in power took many by surprise.
The subsidy had long been seen by many Nigerians as one of the few perks they received from the state. But it was also a huge drain on public finances.
Democracy Day honours the late Chief Moshood Abiola - he was the presumed winner of the 1993 presidential election, held on 12 June, which was annulled by the military.
Latest Stories
-
After Free SHS, what next? – Alan quizzes and pledges review to empower graduates
30 mins -
Wontumi FM’s Oheneba Asiedu granted bail
40 mins -
Alan promises to amend the Constitution to limit presidential powers
1 hour -
Ghana to face liquidity pressures in 2025, 2026 despite restructuring most of its debt – Fitch
1 hour -
NPP’s record of delivering on promises is unmatched – Bawumia
1 hour -
Mahama: It’s time to dismiss the incompetent NPP government
1 hour -
Today’s front pages: Monday, November 25, 2024
1 hour -
T-bill auction: Government misses target again; interest rates continue to rise
1 hour -
We have a bad technical team; Otto Addo and his team should go – Ernest Thompson
3 hours -
Hindsight: Why Accra Lions’ present problems do not define them
3 hours -
10-year-old Lisa Laryea arrives at Wits Donald Gordon Hospital in South Africa for bone marrow transplant
4 hours -
23 ambassadors inducted to take on 2025 GSTEP Challenge in three regions
4 hours -
Ghana Shea Workers Union inaugurated
4 hours -
Microsoft 365 under attack – how to bulletproof your business against cyber threats
4 hours -
I trust Bawumia; he has never lied to me – Akufo-Addo
4 hours