President Bola Tinubu has justified the removal of the fuel subsidy during his administration as being crucial to prevent Nigeria from facing bankruptcy.
He highlighted the country's belief in economic collaboration and inclusiveness with other nations as key to driving stability on the global stage.
Tinubu made these statements during a panel session at the ongoing World Economic Forum in Riyadh, Saudi Arabia, on Sunday, which focuses on Global Collaboration, Growth, and Energy for Development.
He pointed out that his administration is in complete alignment with the belief that economic collaboration and inclusiveness are essential to foster stability globally.
And concerning the question of the subsidy removal, there is no doubt that it was essential for my country to prevent bankruptcy, reset the economy, and pave the way for growth.
Tinubu, on his inauguration on May 29, 2023, declared to the citizens his resolve to stop the payment of the fuel subsidy, saying “subsidy is gone.”
The subsidy, which was meant to assist citizens in coping with higher fuel prices, ended up exacerbating the cost of living for the populace by contributing to the inflation of prices for goods like food and transportation.
This sparked tense reactions and calls from Nigerians and concerned stakeholders, such as the Organised Labour Union, opposition figures, and the international community, regarding the dire consequences that had impacted the standard of living of the populace.
However, the President revealed in his New Year message on January 1, 2024, that despite the tough decision to declare the removal of the fuel subsidy, the FG's payments were an "unsustainable financial burden" on the country.
Tinubu also highlighted that the fuel subsidy removal resulted in accountability, transparency, and physical discipline for the country.
