President Bola Tinubu has said that Nigeria was heading for financial disaster when his administration removed the subsidy on premium motor spirit.
He said this on Monday during a live presidential media chat broadcast nationwide.
He reiterated that he has no regrets about removing the fuel subsidy, noting that the decision was necessary to secure Nigeria’s financial future.
Tinubu had in May last year announced the removal of fuel subsidy effective June, which led to an increase in petrol prices across states in the country.
But speaking on Monday, he explained that the subsidy was draining the country’s resources and jeopardizing future investments.
He said, “We are spending our future. We are spending our generation’s fortunes. We are not investing. We are just deceiving ourselves.
“Why should you have expenditures when you don’t have revenues?
“I don’t have any regret in removing the fuel subsidy. We cannot spend our generation investment.
”We have no choice. Otherwise, we are headed for the slippery slope… financial disaster, not just for us but our children.
The President also addressed the recent palliative stampedes in parts of the country that resulted in the loss of lives.
He attributed the tragedies to poor organization.
“It is very sad that people are not well organised. We just have to be disciplined. My condolences to those who lost their family members,” he said.