President Goodluck Jonathan said on Thursday in Abuja that fuel subsidy removal will only bring temporary pains which will fizzle out in no time for Nigerians to reap the gains.
Jonathan, while speaking at the 2011 Christmas Carol held at the Banquet Hall of the Presidential Villa, said the nation could not continue to use its limited resources to subsidise imported fuel.
He said the fuel subsidy was to the advantage of a cartel and to the detriment of the poor masses.
The president explained that the decision by his administration to remove fuel subsidy was in the overall interest of the nation and not a deliberate move to inflict pains on the people.
``There is nobody who will want to deliberately inflict suffering on his people. Goodluck Jonathan can never be one.
The president explained that the decision by his administration to remove fuel subsidy was in the overall interest of the nation and not a deliberate move to inflict pains on the people.
``There is nobody who will want to deliberately inflict suffering on his people. Goodluck Jonathan can never be one.
``I know the pains Nigerians are passing through. Yes, I am here in the State House and being fed by government but that does not keep me so far from the people.
``There is no day that I don't interact with Nigerians, both low and high, and I appreciate the pains of the people. We are facing challenges but we must take certain decisions to reposition our economy so that things will ease out.
``If we don't have the courage to do so, then we will continue to be dying in pains until God knows when.
``There is no day that I don't interact with Nigerians, both low and high, and I appreciate the pains of the people. We are facing challenges but we must take certain decisions to reposition our economy so that things will ease out.
``If we don't have the courage to do so, then we will continue to be dying in pains until God knows when.
``So, my belief is that, at a particular time, people must be courageous to take the right decisions,'' he said.
Jonathan acknowledged that the Nigerian populace might experience some minor pains for some months because some people would want to exploit the situation.
``I promise Nigerians that there is hope. The pains will not be the way people are thinking.
Jonathan acknowledged that the Nigerian populace might experience some minor pains for some months because some people would want to exploit the situation.
``I promise Nigerians that there is hope. The pains will not be the way people are thinking.
``The pains will be temporary, and after few weeks or few months, Nigerians will be better off, the economy will be repositioned," he said.
The President noted that professionals in the industry had predicted that Nigeria's oil reserves would dry up in the next 30 to 35 years.
The President noted that professionals in the industry had predicted that Nigeria's oil reserves would dry up in the next 30 to 35 years.
``In view of this, the country must begin to have an alternative plan in order not to subject the future generation to slavery. Government must look for ways to expand the economy.
``We must look for other ways of earning money, we must go back to farming and not just subsistence farming that we know but really taking farming as a business.
``We must create wealth through farming, we must industrialise, we must begin to produce things in this country and we need the money from the subsidy to do that," he said.
Jonathan stated that the current subsidy economy had impoverished the nation and forced government to borrow money to run its affairs.
He said if the trend should be allowed to continue, the economy would be grounded to a halt and everyone would pay dearly for it.
``We must create wealth through farming, we must industrialise, we must begin to produce things in this country and we need the money from the subsidy to do that," he said.
Jonathan stated that the current subsidy economy had impoverished the nation and forced government to borrow money to run its affairs.
He said if the trend should be allowed to continue, the economy would be grounded to a halt and everyone would pay dearly for it.
``Even now that we have oil, we are borrowing and we are not expanding the economy. Last year, our capital budget was N1.146 trillion and we borrowed the whole capital budget and even a little more.
``This year, with the present budget, we are paying back the part of the money we borrowed. But what is in the budget is only N560 billion, which is just about half of the money we borrowed.
``Who will pay the balance and when, with the interest on it? There is no way we can continue to run the economy this way," the president said.
He assured that the country would overcome its challenges and remain united, stating that his administration would do its best to fix the economy to blossom.
Earlier in a message, Rev. Oluranti Olubogun, Bishop of the Ife Diocese of the Anglican Church in Osun, had also said that there was hope for the nation despite its daunting challenges.
In the message titled ``Love and Faithfulness of God, Olubogun said God had taken over the affairs of the country and would lead it to the promised land.
The event was attended by many dignitaries, including former Zambian President Kenneth Kaunda and former Nigerian Head of State, Gen. Yakubu Gowon (rtd.).
The Senate President, Sen. David Mark, the Secretary to the Government of the Federation (SGF), Sen. Anyim Pius Anyim, federal ministers and presidential aides were also in attendance.
The First Lady, Dame Patience Jonathan, and members of the diplomatic corps also attended the event.
He assured that the country would overcome its challenges and remain united, stating that his administration would do its best to fix the economy to blossom.
Earlier in a message, Rev. Oluranti Olubogun, Bishop of the Ife Diocese of the Anglican Church in Osun, had also said that there was hope for the nation despite its daunting challenges.
In the message titled ``Love and Faithfulness of God, Olubogun said God had taken over the affairs of the country and would lead it to the promised land.
The event was attended by many dignitaries, including former Zambian President Kenneth Kaunda and former Nigerian Head of State, Gen. Yakubu Gowon (rtd.).
The Senate President, Sen. David Mark, the Secretary to the Government of the Federation (SGF), Sen. Anyim Pius Anyim, federal ministers and presidential aides were also in attendance.
The First Lady, Dame Patience Jonathan, and members of the diplomatic corps also attended the event.
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