WEF: Tinubu says fuel subsidy removal required to prevent bankruptcy, reset Nigerian economy

*President Bola Ahmed Tinubu, at the ongoing World Economic Forum holding in Saudi Arabia, restates his administration’s decision to discontinue the controversial petrol subsidy ‘very necessary to prevent Nigeria from going bankrupt’

Isola Moses | ConsumerConnect

President Bola Ahmed Tinubu has restated the need for his administration to remove the petrol subsidy May 2023, stating that the decision was very necessary to prevent Nigeria from going bankrupt.

Tinubu, during his inauguration speech May 29, 2023, in Abuja, FCT, had announced the removal of subsidy on petrol by stating “subsidy is gone.”

The Nigerian leader, who said this while speaking as one of the panelists at the ongoing World Economic Forum (WEF) Sunday, April 28, 2024, in Riyadh, Saudi Arabia, again, justified the petrol subsidy removal, as he affirmed that the decision was necessary to reset the economy of the West African country.

The President 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.”

Acknowledging the inconveniences associated with his administration’s decision to drop the policy, which has allowed Nigerian consumers to buy petrol at cheaper rates for years, he however, said that he is convinced fuel subsidy removal is in the best interest of Nigerians.

Tinubu stated: “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.”

The President also explained: “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 noted the petrol subsidy removal equally engendered accountability, transparency and physical discipline for the country.

“That is more important to focus on what direction the country should go,” he added.

Kindly Share This Story