President Bola Tinubu has defended the removal of fuel subsidy, stating that it was a necessary action to prevent Nigeria from going bankrupt and to reset the economy for growth.
Speaking as a panelist at the ongoing World Economic Forum in Riyadh, Saudi Arabia, on Sunday, Tinubu emphasized that the decision was in the best interest of the people, despite the initial difficulties.
“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,” Tinubu said.
He acknowledged that the policy has caused increased hardship, but assured that the government is working to cushion the effect on the vulnerable population. “We share the pain across board, we cannot but include those who are vulnerable,” he added.
Tinubu also highlighted the positive outcomes of the fuel subsidy removal, including engendering accountability, transparency, and physical discipline for the country.
He expressed confidence in Nigeria’s youthful population, citing their interest in technology, education, and growth as a positive factor in managing the economic drawback.
The President’s statement comes amid ongoing debates and criticisms surrounding the fuel subsidy removal, which has led to a significant increase in commodity prices and hardship for many Nigerians.
