Tinubu: Petrol Subsidy Removal Necessary to Avoid Bankruptcy

President Bola Tinubu acknowledged on Sunday that ending petroleum subsidy was a tough decision but was necessary to save Nigeria from bankruptcy. Speaking at the opening plenary of the Special World Economic Forum in Riyadh, the capital of Saudi Arabia, he affirmed that the majority of the citizens were expected to feel the impact of the action, but the government had also provided measures to alleviate the hardship.

In response to a question, he said:

“Together, I know it is not easy for Nigeria. We are immensely consistent with the belief that economic collaboration and inclusiveness are necessary to gain 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 and to reset the economy and the pathway to growth.”

Tinubu emphasized that leadership often requires making difficult decisions at the right time. He further stated:

“It was going to be difficult, but the hallmark of leadership is making difficult decisions. At this time, it ought to be taken decisively. That was necessary for the country. Yes, there have been drawbacks. Yes, there was the expectation that the difficulty would be felt by a greater number of people. But, of course, I believed it was their interest that was the focus of government. It is easier to manage and explain the difficulties. But along the line, there was a parallel arrangement to cushion the effect of the subsidy removal on the vulnerable population of the country. We shared the pain across the board. We cannot but include those who are very vulnerable.”

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President Tinubu expressed delight that Nigeria is blessed with a vibrant youth population intent on taking their destiny into their hands through education and technology. He highlighted the government’s commitment to transparency, accountability, and fiscal discipline. Tinubu also addressed currency management and the removal of artificial value in the local currency.

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