The former lawmaker representing Kaduna West, Senator Shehu Sani, has lauded President Bola Ahmed Tinubu for the removal of fuel subsidy, starting from June 1st, 2023.
TheNewsGuru.com reports that the newly sworn-in president had, during his inaugural speech, said the subsidy is no longer sustainable in the country, stressing that it is gone.
Reacting, to the statement by Tinubu, Sani, via a tweet on his verified Twitter handle, praised President Tinubu, stating that it is the right time to take tough decisions that are capable of revamping the nation’s economy.
His tweet reads: “Within seven months last year, the CBN ‘defended’ the naira with $11.24 billion. Currently, petrol subsidy consumes N400 billion monthly.
“There is no better time to take tough economic decisions to revamp our economy than now. The culture of allocating foreign exchange to elites with multiple bureaus de change to sell on the black market must end.
“The opacity of the subsidy regime’s chains of fraud must also end.”