President Bola Tinubu on Monday, said that the economic defects he is fighting to correct were benefitting only the rich, which was why fuel subsidy had to go and other fiscal policies were being implemented.
He made the clarification during his nationwide address.
Tinubu predicts a backlash from those who benefited from the previous order.
However, the President pledged to lessen the burden the current circumstance had placed on the working class and the most defenceless among us.
According to Tinubu, “I had pledged to battle the significant imbalances that had harmed our economy in order to transform the economy for the long-term benefit.
“The key to winning this battle was abolishing the subsidy and preferential exchange rate systems. This conflict will determine the course and future of our country. There is a lot at stake.
“Therefore, a small elite—you might even call them the elite of the elite—was greatly benefited by the flaws in our economy.
“The people who profit from the economy’s problems will, inevitably, fight back as we take steps to address them by any means necessary.
“You are suffering as a result of the challenging period our economy is going through. The price of petrol has increased. Prices for food and other goods have followed. Families and businesses face difficulties.
“There’s a tense, uneasy feeling right now. I can relate to your struggles. Other options would be nice. The contrary is true. I came here to aid, not to harm, the people and country that I love, therefore if there was a road I would have chosen.
“What I can do right away is try to lessen the burden that the current economic climate has placed on all of us, especially on companies, the working class, and the most vulnerable.
“The federal government is already collaborating closely with state and municipal authorities to put initiatives into place that will ease the suffering of all of our citizens, regardless of socioeconomic status.”