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President Bola Tinubu has defended the removal of petrol subsidies, stating it was necessary to free up resources for infrastructure investments.
Speaking at the 17th Annual Chartered Institute of Bankers of Nigeria (CIBN) Conference in Abuja, Tinubu, represented by Vice President Kashim Shettima, acknowledged the short-term pain but emphasized long-term benefits like improved infrastructure and economic growth.
He highlighted ongoing investments in roads, railways, and energy projects through public-private partnerships.
The subsidy removal, implemented in May 2023, saw fuel prices surge from around N200 to over N1,000 per litre, sparking public criticism.
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