President Bola Ahmed Tinubu says a powerful group in the country has been holding the country to ransom for many years.
The group, he said, has become so powerful that they now pose a threat to the security of the country due to the illicit wealth they have amassed from the fuel subsidy for years.
The president made this known in his national broadcast to Nigerians this evening, saying so much has been stolen that could have been used by the government to provide infrastructure and other people-oriented amenities.
Tinubu claimed in his speech that the group “had amassed so much wealth and power” that they have become a danger to democracy, but asserts that “the people and not the power of money must be sovereign”.
According to him, “For several years, I have consistently maintained the position that the fuel subsidy had to go. This once beneficial measure had outlived its usefulness. The subsidy cost us trillions of Naira yearly.
“Such a vast sum of money would have been better spent on public transportation, healthcare, schools, housing and even national security. Instead, it was being funnelled into the deep pockets and lavish bank accounts of a select group of individuals.
“This group had amassed so much wealth and power that they became a serious threat to the fairness of our economy and the integrity of our democratic governance. To be blunt, Nigeria could never become the society it was intended to be as long as such small, powerful yet unelected groups hold enormous influence over our political economy and the institutions that govern it.
“The whims of the few should never hold dominant sway over the hopes and aspirations of the many. If we are to be a democracy, the people and not the power of money must be sovereign.”
