President Bola Tinubu has revealed that his administration’s removal of fuel subsidy was in the best interest of Nigeria, saying it was necessary not to plunge the country into bankruptcy.
He said the country’s belief in economic collaboration and inclusiveness among other nations will drive stability on the global stage.
Tinubu made this known 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 further stated that the country is immensely consistent with belief that the economic collaboration and inclusiveness are necessary to engender stability in the rest of the world.
Concerning the question of the subsidy removal, there is no doubt that it was a necessary action for my country not to go bankrupt, to reset the economy and pathway to 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 the Federal Government used to help the citizens ameliorate the payment for fuel purchases at higher prices, later became a sort of nightmare for the populace as it had partly contributed to the exorbitant prices of commodities in the market, especially food items, transportation costs, among others.