Governor Hope Uzodimma of Imo State says some cabals are bent on frustrating President Bola Tinubu’s economic policies because they are no longer making money from the fuel subsidy scheme.
While delivering his inauguration speech in May 2023, President Tinubu announced the removal of fuel subsidy. This development led to an unprecedented increase in the price of petrol and other goods across the country.
As part of his effort to reform the economy, the president also unified the exchange rate in June 2023.
However, many Nigerians have been lamenting and complaining about the president’s economic policies as inflation rises while the naira falls to an all-time low against the dollar.
But Governor Uzodimma does not subscribe to the opinion that President Tinubu’s policies are not working.
Speaking on Channels TV’s Politics Today on Sunday, January 28, 2024, the Imo State governor said some cabals are frustrating the president’s policies.
According to him, the cabals, who became rich overnight through the subsidy scheme are sabotaging the policies because the president blocked their means of stealing the nation’s wealth.
He said, “The truth is that the subsidy that has just been removed is benefiting some group of cabals who became billionaires overnight; who became very rich overnight to the detriment of Nigerians. But President Bola Ahmed Tinubu showed interest in the interest of the people in the remote areas.
“We have billionaires who bought private jets and built castles all over the world in the name of subsidy.
“What we are saying is, how do we consolidate our economy so that the naira which used to be stronger than the dollar would come back?”
On naira to dollar parity which is now around ₦1400 to $1 at the parallel market, Uzodimma believes Tinubu’s economic policies would strengthen the Nigerian currency again, adding that the president’s policies are still at their infant stage,
“In the economic recovery process, there is something called the infancy stage. He has drafted a policy that will make the naira very strong again. And there will be initial challenges, the cabals will want to frustrate it, the cabals will want to sabotage it…but we need time and time shall tell.”
When asked how much time the president needs for Nigerians to enjoy the result of his economic policies, he said the president is not a magician.
“You didn’t vote for a magician. You voted for a visionary leader,” the governor replied.
