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Contrary to claims in certain quarters, President Goodluck Jonathan, on Friday emphatically declared that the country was not broke, saying the current push for fuel subsidy removal by his administration was meant to strengthen the country economically.
Featuring on a live interview programme on the Nigerian Television Authority [NTA], he said his government was only trying to avert very dire consequences for the country in another two or three years if it retained the current status quo.
"We are not broke; the Nigerian government is not broke, but as a responsible father, we must prepare for the future of our children," he emphasised, adding that no responsible country could survive by a borrowing spree.
Explaining that there was nothing wrong in a country borrowing, however, Jonathan said there was an imminent danger in the country retaining the subsidy and running the country in the manner of business as usual.
He noted that the action of the government was being misconstrued in some circles that it was meant to inflict hardship on the citizens, whereas there were immense inherent benefits in removing the subsidy.
According to him, the gains include the fact that the government will have a breathing space, as it would have more funds to further intervene in key sectors of the economy and tackle critical issues in other areas.
He added that the policy would restore greater confidence of foreign investors in the country's economy, especially the oil sector, claiming that the move had already elicited positive responses from a few of them.
He said though the nation was not broke, it would be economically suicidal for the country to further delay the removal, say for the two or three years.
Tribune