President Bola Tinubu has staunchly defended his administration’s decision to remove the petrol subsidy, asserting that it was a critical measure to avert Nigeria’s financial collapse.
The announcement of the subsidy removal was made by Tinubu during his inauguration, marked by the iconic declaration, “subsidy is gone.”
While the move sparked a surge in commodity prices and heightened economic hardship across the nation, drawing criticism from some quarters, Tinubu emphasized the necessity of the decision at the ongoing World Economic Forum in Riyadh, Saudi Arabia.
Addressing the forum as one of the panelists, Tinubu underscored the imperative of economic collaboration and inclusiveness for global stability. Regarding the subsidy removal, he emphasized its indispensability to prevent Nigeria from bankruptcy and to facilitate economic rejuvenation and growth.
Acknowledging the hardships associated with the policy shift, Tinubu maintained that decisive leadership requires making tough decisions for the greater good. He stressed the government’s commitment to mitigating the impact of subsidy removal on vulnerable segments of society, highlighting measures aimed at cushioning the effects.
Moreover, Tinubu emphasized that the removal of petrol subsidy fosters accountability, transparency, and fiscal discipline in the country, asserting the importance of steering Nigeria toward a sustainable economic trajectory.
In conclusion, Tinubu’s defense of the petrol subsidy removal underscores his administration’s commitment to navigating Nigeria through economic challenges and fostering long-term stability and growth.
