(Video)I removed corrupt, costly fuel subsidy to give confidence to investors – Tinubu tells UN Assembly

President, Bola Tinubu, has said the removal of fuel subsidy and the unification of Nigerian foreign exchange rates were aimed at fostering investor confidence in the country’s economic system.

President Tinubu said this on Wednesday at the United Nations General Assembly, where he championed the need for Africa to surmount foreign exploitation to attain prosperity through democratic ideals.

Tinubu was quoted by Channels TV as saying “As for Africa, we seek to be neither appendage nor patron. We do not wish to replace old shackles with new ones.” 

He spoke to foreign leaders of government just hours after similar speeches by US Vice President Joe Biden and Ukrainian President Volodymyr Zelensky.

He added: “If Nigeria is to fulfil its duty to its people and the rest of Africa, we must create jobs and the belief in a better future for our people. We must also lead by example.

“To foster economic growth and investor confidence in Nigeria, I removed the costly and corrupt fuel subsidy while also discarding a noxious exchange rate system in my first days in office. Other growth and job-oriented reforms are in the wings.”

The President talked on the topic “Rebuilding Trust and Reigniting Global Solidarity: Accelerating Action on the 2030 Agenda and Its Sustainable Development Goals Towards Peace, Prosperity, Progress, and Sustainability for All.”

According to Tinubu, many proclamations have been made, “yet our troubles remain close at hand”.

Noting that failings in good administration have hampered Africa’s progress, Tinubu lamented that unfulfilled promises, unequal treatment, and open exploitation from abroad had also taken a heavy toll on Africans’ ability to advance.

“Given this long history, if this year’s theme is to mean anything at all, it must mean something special and particular to Africa,” he added.

The Nigerian leader described the importance of the Second World War in the founding of the United Nations, saying the period was a highwater milestone for trust in global institutions and the sense that humanity had learned the necessary lessons to move forward in global solidarity and harmony.

He continued: “Today and for several decades, Africa has been asking for the same level of political commitment and devotion of resources that described the Marshall Plan.

“We realise that underlying conditions and causes of the economic challenges facing today’s Africa are significantly different from those of post-war Europe.”

According to Tinubu, global institutions, other states, and their private sector actors must prioritise African development – not just for Africa, but also in their own interests.

According to the President, Nigeria’s and Africa’s economic systems have been skewed to hamper development, industrial expansion, job creation, and equal wealth distribution due to both long-standing internal and external reasons.