President Bola Ahmed Tinubu has expressed that he does not regret the immediate removal of the fuel subsidy upon taking office on May 29, 2023.
He justified the decision as a necessary step to secure Nigeria’s future and that of generations yet to come.
The President articulated this during the first presidential media chat broadcast by NTA on Monday.
When asked whether he believed a phased approach to subsidy removal and the floating of the naira would have been wiser, Tinubu responded, “Why should we maintain expenditures without corresponding revenue? I don’t wish to critique those who drive Limousines on the road. We should incorporate management principles into all our programmes.
“We cannot continue to provide fuel and allow neighbouring countries to benefit as if we were Santa Claus. I have no regrets whatsoever about removing the subsidy.”
The removal of the subsidy has resulted in a dramatic increase in the price of petrol at the pump, soaring from N195 per litre to around N1,100, which has led to corresponding rises in transport costs and food prices, thereby causing widespread hardship across the country.
