President Bola Tinubu has emphasized the necessity of removing the subsidy on petrol during the opening of the 2024 Nigeria International Energy Summit (NIES) in Abuja on Tuesday.
He described the decision as challenging but crucial for fostering transparency and accountability in the energy sector.
Acknowledging the hardships faced, particularly by low-income earners, President Tinubu assured that the move would ultimately lead to economic improvement and tangible benefits.
Represented by the Minister of Information and National Orientation, Mohammed Idris, Tinubu underscored the administration’s commitment to energy security.
He explained that the removal of the petroleum subsidy aims to redirect funds towards developing critical energy infrastructure and upgrading social amenities.
Additionally, it promotes private sector participation, encouraging innovation and competition to enhance sector efficiency.
Despite recognizing the immediate impact on citizens, especially those with lower incomes, President Tinubu assured the implementation of social intervention programs to alleviate short-term effects on vulnerable populations. He stressed the need for constructive dialogue and collaboration among stakeholders to navigate these transformative times towards a resilient and sustainable energy future for Nigeria.
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