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Why It Was Necessary to Remove Fuel Subsidy for Nigeria’s Economy Reset – Insights from Tinubu



Tinubu emphasized during the ongoing World Economic Forum in Riyadh, Saudi Arabia that the removal of fuel subsidy was a crucial step to reset Nigeria’s economy.

Highlighting the importance of global collaboration, growth, and energy for development, the President stated that the subsidy removal was vital to prevent Nigeria from facing bankruptcy.

It is noteworthy that Tinubu unveiled the decision to remove the subsidy on petrol on the day of his inauguration, a move that triggered a surge in commodity prices and increased economic hardship in the country.

Reflecting on the necessity of the subsidy removal, Tinubu expressed his confidence that it was in the best interest of the Nigerian populace.

He emphasized the significance of making tough decisions in leadership, underlining the need to take decisive actions at the right time for the benefit of the country’s citizens.

Tinubu assured that efforts were being made to mitigate the impact of the subsidy removal on the vulnerable segments of the population, showcasing a commitment to sharing the burden across all sectors.

He acknowledged the challenges that come with such decisions but remained optimistic about managing and explaining the difficulties effectively.

Tinubu also pointed out that the fuel subsidy removal brought about enhanced accountability, transparency, and fiscal discipline within the country, contributing to its overall economic well-being.

Furthermore, he touched upon the youth’s enthusiasm for innovation, education, and growth, stating that the vibrant young population is primed to embrace technology and drive progress.

The ongoing efforts aim to navigate through the economic setbacks and repercussions of the subsidy removal while ensuring that the vulnerable groups are supported and included in the process.