President Bola Tinubu has stated that his decision to remove fuel subsidy was motivated by his concern for Nigeria’s well-being.
He emphasized that the elimination of the subsidy was crucial to prevent the country from facing financial collapse.
During a panel discussion at the World Economic Forum in Riyadh, Saudi Arabia, focused on Global Collaboration, Growth, and Energy for Development, Tinubu highlighted Nigeria’s commitment to fostering economic cooperation and inclusivity with other nations to promote global stability.
He remarked, “Nigeria firmly believes that fostering economic collaboration and inclusivity is essential to ensuring global stability.”
Discussing the subsidy removal, Tinubu emphasized the necessity of the action in safeguarding Nigeria from economic downturn and paving the way for sustainable growth.
On his inauguration on May 29, 2023, Tinubu announced to the public his decision to end the fuel subsidy, affirming, “The subsidy has been removed.”