President Bola Tinubu has defended his government’s decision to remove the fuel subsidy, stating it was crucial to prevent Nigeria from facing financial collapse. Speaking at a panel session during the World Economic Forum in Riyadh, Saudi Arabia, Tinubu emphasized Nigeria’s dedication to economic collaboration and inclusiveness for global stability.
He explained that the subsidy removal was essential for resetting the economy and fostering sustainable growth. Tinubu acknowledged the initial challenges and opposition to the decision, but stressed the government’s duty to prioritize the country’s long-term interests over short-term difficulties.
Addressing concerns about the subsidy’s impact on the economy, Tinubu recognized its contribution to the increased prices of commodities, including food and transportation. However, he pointed out that maintaining the subsidy had become financially unsustainable for the government.
To mitigate the effects on vulnerable populations, Tinubu assured that measures were in place to provide support. He reiterated the government’s commitment to sharing the burden across society and assisting those most affected by the policy change.
Tinubu also discussed the unification of exchange rates and the Naira’s fluctuation against global currencies. He emphasized the importance of eliminating artificial elements of value in the local currency to promote transparency, accountability, and competitiveness in the global market.
Despite the challenges involved, Tinubu expressed confidence in the government’s ability to manage the situation through inclusive governance and effective communication with the public. He stressed the need for clear communication to ensure citizens understand the reasons behind difficult decisions and the government’s dedication to their long-term welfare.
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