LAGOS, Nigeria (VOICE OF NAIJA) – President Bola Tinubu has stated that fuel subsidy was removed in the best interests of Nigerians to avert economy oblivion.
He made this remark during a panel engagement at the ongoing World Economic Forum in Riyadh, Saudi Arabia on Sunday.
Tinubu emphasized that Nigeria belief in global collaboration and inclusiveness and retaining fuel subsidy would endanger the country’s future.
He said, “For Nigeria, we are immensely consistent with belief that the economic collaboration and inclusiveness are 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.”
READ ALSO: Why I Remove Subsidy On Petrol – Tinubu
Recall that subsidy removal was part of Tinubu’s manifesto during 2023 presidential campaign and on his inauguration day, he said “subsidy is gone“
This has caused current economic hardship wielding every homes.
on January 1, 2024, in his new year message, the President admitted that even though it was a tough decision to pronounce the removal of the fuel subsidy, its payments by the FG were an “unsustainable financial burden” on the country.
“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 an 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 effects of the subsidy removal on the vulnerable population of the country. We share the pain across the board, and 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,” he said.
However, recall former Kaduna Governor, Mallam Nasir El-rufai recently said federal government still pay heavily for fuel subsidy.
READ ALSO: FG Still Subsidise Petrol, Says El-Rufai
Tinubu equally noted that the fuel subsidy removal brought about accountability, transparency, and physical discipline for the country.
Speaking on the exchange rate unification and the swinging rate of the Naira against other global currencies like the United States dollar, Tinubu said, “The currency management was necessary equally to remove the artificial elements of value in our currency. Let our local currency find its level and compete with the rest of the world currency and remove arbitrage, corruption, and opaqueness.
That we did at the same time. That is a two-engine problem in a very template situation for the government, but we are able to manage that turbulence because we are prepared for inclusivity in governance and rapid communication with the public to really see what is necessary and what you must do.”