President Tinubu
Tinubu Insists No Regret on Fuel Subsidy Removal, Says Decision Necessary
President Bola Tinubu has reaffirmed his commitment to removing Nigeria’s fuel subsidy, describing the decision as essential for addressing the country’s economic challenges.
During a presidential media chat on Monday evening, Tinubu stated that he has no regrets about the subsidy removal, despite widespread debate and criticism.
He emphasized that the move, implemented on his first day in office, was a tough but critical step to free up resources for infrastructure and social services.
Tinubu acknowledged the short-term difficulties caused by the subsidy removal, including a sharp increase in fuel prices, with petrol now costing approximately N1,300 ($0.80) per liter.
However, he argued that the decision was necessary to redirect funds toward addressing Nigeria’s infrastructure deficits and economic growth opportunities.
Responding to criticism over the timing and implementation of the policy, Tinubu maintained that his administration is committed to making difficult decisions aimed at stabilizing the economy. He highlighted the importance of tackling corruption and ensuring efficient use of public resources.
Despite the ongoing controversy and the hardships faced by many Nigerians due to high inflation and rising living costs, Tinubu reiterated his dedication to his economic vision, asserting that these challenges could serve as catalysts for national development.