President Bola Tinubu has defended his administration’s decision to remove fuel subsidies, stating that it was crucial to prevent Nigeria from facing financial crisis and to pave the way for economic growth.
Speaking at the ongoing World Economic Forum in Riyadh, Saudi Arabia, President Tinubu emphasized Nigeria’s commitment to economic collaboration and inclusiveness to ensure global stability.
He explained that the removal of the subsidy was necessary to reset the economy and facilitate growth, ensuring Nigeria does not face bankruptcy.
President Tinubu, who took office on May 29, 2023, made it clear during his inauguration that the fuel subsidy would be abolished, acknowledging that while the subsidy had initially aimed to alleviate citizens’ fuel costs, it had contributed to rising commodity prices, transportation expenses, and other economic challenges.
Despite facing criticism and opposition, Tinubu reaffirmed the government’s commitment to addressing the subsidy removal’s impact on the vulnerable population. He stressed the importance of effective management and support mechanisms to mitigate the effects of the decision.
Furthermore, Tinubu highlighted that removing the subsidy has promoted accountability, transparency, and fiscal discipline within the country.
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