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2023 I Will End Fuel Subsidy if elected President, Tinubu Says

The presidential candidate of All Progressives Congress (APC), Senator Bola Tinubu yesterday assured business leaders in the country that if elected in the February 2023 election, he would phase out Nigeria’s controversial petroleum subsidy regime.

He also told members of the private sector that his administration would reinvent Nigeria’s industrialisation and make the country a leader in the fourth industrial revolution by accelerating the production of made-in-Nigeria goods.

Tinubu declared these yesterday in Lagos during a town hall meeting with the business community/organise private sector (OPS).

“I am determined to give you affordable and reliable power to light the entire economy as we cannot produce without constant electricity. We have what it takes to bring it to you all; we have the gas, sun, wind and water. As for petroleum subsidy, it has to be removed and my administration would see to the implementation of the Petroleum Industry Act (PIA),” he said.

He wondered why him that has six cars would still be paying same amount for petrol as some that doesn’t have any car.

The APC presidential candidate said his administration would carry out large-scale infrastructural renewal in a manner that would enable the country maintain a minimum of six per cent Gross Domestic Product (GDP) growth. He also promised that his administration would collaborate with the Central Bank of Nigeria (CBN) and the commercial banks to spur a massive consumer credit revolution in the economy.

Tinubu told the private sector players at the meeting, “We have to revive our industry. We shall bring the nation’s industrial policy to life. Key to this is our aim to create major and minor industrial hubs in each geopolitical zone.

“We shall not be satisfied by bolstering traditional sectors. We will foster productive excellence in new areas, such as light manufacturing and the Nollywood entertainment sector.

“Through active participation in the digital economy, we shall make Nigeria a leader, instead of a bystander, in the fourth industrial revolution.

“We must target double digit GDP and in the minimum six per cent economic growth to begin to reduce the poverty rate and I am determined to accomplish that.”

Tinubu also pledged to promote the agricultural sector by continuing to press for “reforms in the sector that will increase productivity, improve farm incomes while lowering food prices and bringing enough food to the tables of ordinary people.”

He said his administration would end the dismal state of the country’s power sector that had been the greatest undoing of Nigeria’s economy.

Tinubu added that the country must be enabled to produce and buy made-in-Nigeria goods through infrastructure development and consumer credit.

He said his government would empower citizens to, “Produce and buy made-in-Nigeria. We seek a consumer credit revolution, working in concert with the banking industry lead by the CBN. Credit at affordable rates enables the purchase of more cars and the construction of more homes. The standard of living shall rise and the strength of the business sector shall increase in similar measure.

“We must continue with the expansion of infrastructure commenced by the current government. From our roads and ports that will path the way to more commerce, to improvement in irrigation and water management/catchment systems to stem the humanitarian and economic tragedy visited on us by seasonal flooding.”

Tinubu assured the business community that his administration would continue the fight against insecurity, “by redefining our counterinsurgency doctrine and practice.”

He added that Nigeria’s response to terror, kidnapping, and violent criminality would be defined by the following elements: enlisting of “more people in the armed forces, security services and the police.

“Our forces will be given better tactical communications, mobility as well as improved aerial and ground surveillance capacity.

“Through these and other measures, we shall better identify, monitor, track, and defeat these evil groups where they are. They shall have no respite until they surrender or are utterly defeated.”

Tinubu said Lagos State was the appropriate location for the private sector engagement, because the state’s economic growth had become his visible experiment that could support his claim of competency and ability.

He said, “We turned this Lagos into a safer, more prosperous place where people can go about any legitimate vocation or venture regardless of their ethnicity, religion, region or prior social station.

“We did more than open Lagos for business. We opened the door for all Nigerians to join and experience the decent things progressive democratic governance can bring.

“May I remind you that when I first entered office, Lagos was a different story. My team and I developed a development master plan for Lagos. I can say that plan has been largely successful. The pragmatic problem solving and teamwork that has improved the fortunes of Lagos is what I want to bring to the nation.

“I ask for your help, as the task ahead is doable but also difficult.”

Tinubu ended his address by saying, “What I have shared today is a brief overview of some thoughts on how to improve and protect our beloved nation.

“This town hall meeting is but the first of many sessions I would like to hold with you, the business community.”

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