The presidential candidate of the All Progressives Congress, Bola Ahmed Tinubu, says he will remove subsidy if he becomes president next year.
Tinubu said fuel subsidy will have to go, adding that Nigeria will not continue to subsidise fuel consumption in neighbouring countries.
Speaking at luncheon with business owners titled ‘business forward’ on Thursday in Lagos, Tinubu also promised to take bold decisions that will turn the economy around.
“How can we be subsidising fuel consumption of Cameroon, of Niger, of Benin Republic. No matter how long you protest, we are going to remove subsidy. We can do it. We are educated enough,” Tinubu said.
The former Lagos governor also pledged that his government would give room for private the sector to thrive.
He said his government would not interfere in areas the private sector is doing well, stating that he would convert challenges to opportunities for development.
“Our guiding principle regarding economic policy shall be to provide the right policy framework so that business can flourish,” Tinubu said.
“But I want to do more than help existing businesses to exist. We must create the space where new sectors and lines of business can open. We must grow this economy so that it can accommodate over 200 million people with a decent standard of living.
“My government will collaborate with the private sector to bring about massive infrastructural renewal that enhance economic opportunities, lower business cost and overheads while producing jobs that spur further growth and development through increased consumer demand. This is the virtuous economic cycle we seek to create.
“From our national infrastructural campaign to our national portable water campaign and plans to reticulate major dams, our intention is to leverage public private partnerships to attract private sector investment along the critical path leading from modernisation of infrastructure to realization of sustainable, yet significant economic growth.
“Please also note the various sectors in which we have promised fiscal incentives, tax breaks, tax credits, rebates and access to finance.
“My aim is to develop local manufacturing and value-added businesses. My aim is to deepen consumer lending, increase affordable housing and provide business owners with low-cost loans to modernise operations and improve productivity. My aim is to reform the structural foundation of our economy. To accomplish this major feat, government and the private [sector] must work hand in hand.
“Our policy will further stimulate our world-leading start-up ecosystem. I want our brilliant entrepreneurs to continue to innovate our people out of poverty and lead us towards the path of prosperity.”