President Bola Tinubu stated that the removal of the fuel subsidy was necessary to prevent Nigeria from going bankrupt.
SNOW TV News reports that Tinubu stated this on Sunday while speaking as a panellist at the ongoing World Economic Forum in Riyadh, Saudi Arabia.
The World Economic Forum meeting has a focus on global collaboration, growth, and energy for development.
Recall that President Tinubu announced the removal of petrol subsidy on his inauguration day and the policy resulted in a spike in commodity prices, causing increased hardship in the country.
Speaking at the Forum, Tinubu emphasized the necessity of the petrol subsidy removal, stating that it was crucial for resetting the economy and expressed conviction that it served the people’s best interests.
He said, “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.
“It is going to be difficult, but the hallmark of leadership is taking difficult decisions 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 a 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.
“Luckily, we have a very vibrant youthful population interested in discoveries by themselves and they are highly ready for technology, good education committed to growth.
“We are able to manage that and partition the economic drawback and the fallout of subsidy removal.“
Tinubu emphasized that the removal of the fuel subsidy promoted accountability, transparency, and fiscal discipline in the country, stressing the importance of focusing on the nation’s direction.
Additionally, he highlighted the necessity of managing the exchange rate to enable the Naira to compete effectively with global currencies, aiming to eliminate artificial value elements, promote transparency, and curb corruption.
Tinubu credited the government’s preparedness for inclusive governance and efficient communication with the public for effectively managing these challenges.
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