In order to save the nation from going bankrupt, President Bola Tinubu has maintained that his administration’s decision to stop the payment of fuel subsidy was very essential.
Recall, Tinubu announced the removal of subsidy on petrol the day he was inaugurated into office.
The effect was astronomical rise in price of goods and commodities, and increased hardship across the federation.
However, President Tinubu justified its removal at the ongoing World Economic Forum in Riyadh, Saudi Arabia on Sunday, saying Nigeria needed it to get on track.
“For Nigeria, we are immensely consistent with belief that the economic collaboration and inclusiveness is 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 said.
Speaking on, he admitted that the removal wasn’t easy as Nigerians have gotten used to getting petroleum products at cheaper prices over the years.
“It is going to be difficult, but the hallmark of leadership is taking difficult decision at the time it ought to be taken decisively. That was necessary for the country. Yes, there will be blowback, there is expectation that the difficulty in it will be felt by greater number of the people, but once I believe it is their interest that is the focus of the government, it is easier to manage and explain the difficulties.
“Along the line, there is a parallel arrangement to really cushion the effect of the subsidy removal on the vulnerable population of the country. We share the pain across board, we cannot but include those who are vulnerable.
“Luckily, we have a very vibrant youthful population interested in discoveries by themselves and they are highly ready for technology, good education committed to growth. We are able to manage that and partition the economic drawback and the fallout of subsidy removal.”
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