President Bola Tinubu has defended his administration’s decision to remove fuel subsidies, emphasizing that it was crucial to prevent Nigeria from facing financial collapse. He made these remarks during a panel session at the ongoing World Economic Forum in Riyadh, Saudi Arabia, focusing on Global Collaboration, Growth, and Energy for Development.
Tinubu stressed Nigeria’s commitment to economic collaboration and inclusiveness as essential for global stability. Regarding the subsidy removal, he highlighted its necessity to reset the economy and pave the way for growth, averting bankruptcy.
The removal of the fuel subsidy, declared by Tinubu during his inauguration on May 29, 2023, aimed to address the unsustainable financial burden on the country. While acknowledging the difficulties associated with the decision, Tinubu emphasized the importance of leadership in making tough choices for the country’s long-term benefit.
He assured that measures were in place to cushion the effects of the subsidy removal on vulnerable populations, demonstrating accountability, transparency, and fiscal discipline. Tinubu also addressed currency management, emphasizing the need to eliminate artificial elements affecting the value of the local currency and promote competitiveness in the global market.
Despite the challenges, Tinubu expressed confidence in Nigeria’s vibrant and technologically inclined youth population, highlighting the government’s commitment to inclusive governance and effective communication with the public to navigate economic reforms successfully.
