President (Asíwájú) Bọ́lá Ahmed Tinúbú – GCFR has reiterated his stance on the removal of the fuel subsidy, stating that he has no regrets about the decision.
Speaking to reporters on Monday, Tinúbú emphasized that the removal of the subsidy was necessary to address the economic challenges facing Nigeria.
Tinúbú explained that the subsidy had become an unsustainable burden on the nation’s finances, consuming a significant portion of the budget that could be better spent on critical infrastructure and social services.
He noted that the funds previously allocated to the subsidy would now be redirected towards improving public infrastructure, education, healthcare, and job creation.
“The fuel subsidy was a drain on our resources, and it was time to put an end to it. We need to invest in areas that will have a lasting impact on the lives of Nigerians,” Tinúbú said.
“I understand that this decision may cause some discomfort in the short term, but it is a necessary step for the long-term prosperity of our country.”
The President also addressed concerns about the potential impact of the subsidy removal on the cost of living, acknowledging that there might be an initial increase in fuel prices.
However, he assured Nigerians that measures were being put in place to mitigate the effects and support the most vulnerable populations.
“We are aware of the challenges that may arise from this decision, and we are committed to providing support to those who need it the most. Our goal is to ensure that the benefits of this policy are felt by all Nigerians,” Tinúbú added.
The removal of the fuel subsidy has been a contentious issue in Nigeria, with previous administrations attempting and failing to implement similar measures. Tinúbú’s administration is determined to see the policy through, despite the potential backlash.
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