President Bola Tinubu emphasized the necessity of removing fuel subsidy to reset Nigeria’s economy during his participation as a panelist at the ongoing World Economic Forum in Riyadh, Saudi Arabia over the weekend. The annual forum, themed Global Collaboration, Growth, and Energy for Development, provided a platform for global leaders to discuss pertinent economic issues.
According to Tinubu, the removal of the subsidy was crucial to prevent Nigeria from facing bankruptcy and to set the economy on a new growth trajectory. The decision to eliminate the subsidy was announced by Tinubu on the day of his inauguration, which led to a subsequent increase in commodity prices and economic hardship within the country.
Reflecting on the subsidy removal, Tinubu stated, “The decision to remove the subsidy was a tough one, essential for the country’s financial stability and future growth. While there might be initial challenges and hardships, prioritizing the long-term interests of the people is paramount for effective governance.”
He further mentioned, “A comprehensive strategy was put in place to mitigate the impact of the subsidy removal on the vulnerable segments of society. Our focus is on promoting accountability, transparency, and fiscal discipline through this policy change.”
Tinubu also highlighted the resilience of Nigeria’s youthful population in embracing technological advancements, quality education, and sustainable growth prospects. He expressed confidence in the country’s ability to navigate through the economic adjustments resulting from the subsidy removal.
The President concluded by emphasizing that the subsidy removal had paved the way for increased accountability and transparency in the country’s economic system, facilitating a more sustainable and equitable financial landscape.