Why I removed fuel subsidy, suspended Emefiele as CBN governor – Tinubu

President Bola Tinubu has explained his reasons behind the removal of fuel subsidy and the ousting of Godwin Emefiele, suspended Central Bank of Nigeria (CBN) governor.

TODAY POLITICS had reported that during his inauguration late last month, Mr Tinubu announced that his administration will not subsidise petroleum products as past administrations did.

Weeks later, he suspended Mr Emefiele before the former CBN chief was picked up and detained at the Abuja headquarters of the State Security Service (SSS) where he is being investigated.

Explaining his reasons for the removal of subsidy even before the expiration date, the former Lagos governor said the payment, which he opposed its removal while in opposition, was now a scam.

During an interactive session with Nigerians in France on Friday, where he went for a financial summit, he explained that fuel subsidy is disincentive to growth and rewarded smugglers illegally transporting the commodity to neighbouring countries.

On why he suspended Mr Emefiele, he explained that the financial system under the ousted CBN chief was rotten and promised to revamp it.

“Then (before the suspension), the financial system was rotten. Few people were making away with our money and then you yourselves, stopped sending money home to our poor parents,” he said.

“That is gone now. The man (Emefiele) is in the hands of authorities; something is being done about that; they will sort themselves out.

“We have security challenges in the country. Maybe that is how they are fuelling insecurity; we have to look at everything. We will change the financial system; it will work for you.”

The president, who described Nigeria’s problems as enormous, also promised to work for those who did not vote for him during the February 25 election in which he was declared the winner.

“Whether you voted for me or you didn’t vote for me, I am your president. By the grace of God, I have to work on your behalf,” he said. “So, your President is here. I danced for it and I have to continue to be prepared for it.

“The challenges are enormous. But do we have hope? Yes. With perseverance, determination and persistence, we can achieve whatever we desire.

“I know the road and I’ve been through what many of you have been through outside the country. I’ve been in America and in the UK; I had been a night guard, security man and a door man in America. But I have achieved my aim.”