President Bola Tinubu has reiterated that the removal of the fuel subsidy was a crucial decision to prevent Nigeria from descending into bankruptcy.
During his inaugural address, Tinubu announced the end of the subsidy, sparking a significant increase in commodity prices and widespread hardship.
While critics have condemned the move as ill-conceived, Tinubu stood by his decision at the ongoing World Economic Forum in Riyadh, Saudi Arabia.
Speaking as a panelist, Tinubu emphasized that the subsidy removal was essential to reset Nigeria’s economy, ensuring its long-term stability and growth.
He maintained that the move was necessary to prevent the country from sliding into financial ruin.
Tinubu’s administration has faced intense scrutiny over the decision, but he remains resolute in his stance, asserting that the painful measures will yield positive outcomes for Nigeria’s economic future.
“For Nigeria, we are immensely consistent with belief that the economic collaboration and inclusiveness is necessary to engender stability in the rest of the world. “Concerning the question of the subsidy removal, there is no doubt that it was a necessary action for my country not to go bankrupt, to reset the economy and pathway to growth. The Nigerian leader admitted the difficulty associated with his decision to jettison the policy which has allowed Nigerians to purchase petrol at cheaper rates for years but said that he was convinced it was in the best interest of the people.
“It is going to be difficult, but the hallmark of leadership is taking difficult decision at the time it ought to be taken decisively. That was necessary for the country. Yes, there will be blowback, there is expectation that the difficulty in it will be felt by greater number of the people, but once I believe it is their interest that is the focus of the government, it is easier to manage and explain the difficulties.
“Along the line, there is a parallel arrangement to really cushion the effect of the subsidy removal on the vulnerable population of the country. We share the pain across board, we cannot but include those who are vulnerable.
