President Bola Tinubu has firmly defended his decision to remove the fuel subsidy, calling it a necessary move to address the country’s economic challenges.
Speaking during the presidential media chat on Monday evening, Tinubu emphasized that removing the subsidy was a critical step for Nigeria’s future, one he made on his first day in office.
The President stated that despite the challenges and public outcry that followed the decision, he had no regrets about the subsidy removal.
According to Tinubu, the fuel subsidy had long been unsustainable and its elimination is essential to tackling the country’s economic realities, particularly in terms of creating a more balanced and efficient economic system.
He highlighted that the funds previously used for the subsidy would now be redirected towards critical sectors such as infrastructure, healthcare, and education, areas that will have a more lasting and equitable impact on the Nigerian people.
“The subsidy was draining resources that could otherwise be better used to uplift Nigerians. We had to make the tough decisions for the future,” Tinubu said during the chat, emphasizing that Nigeria’s economic reform agenda required such bold actions.
The President also assured Nigerians that despite the initial challenges posed by the subsidy removal, his administration was committed to implementing measures to cushion the impact on the average citizen.
He pointed to ongoing plans for social support programs and investments in alternative energy sources to ease the effects of the transition.
Tinubu’s remarks come at a time when the subsidy removal continues to spark debate across the nation. While some Nigerians have expressed concern about the rising cost of living, others have supported the decision as a long-term solution for the country’s economic health.
The President reiterated his commitment to driving reforms that will eventually lead to a stronger and more self-sufficient Nigerian economy.
“The changes we’re making are difficult but necessary. They are for the betterment of all Nigerians,” Tinubu concluded.