BREAKING: President Tinubu Finally Reveals Why He Removed Petrol Subsidy

President Tinubu has finally revealed why he removed the petrol subsidy.

NaijaOnPoint Nigeria reports that President Bola Tinubu has explained that his decision to remove the subsidy on petrol was a challenging one.

Tinubu, however, said it was necessary — to ensure a transparent and accountable energy sector.

This Nigeria news platform understands that Tinubu, who spoke at the opening of the 2024 Nigeria International Energy Summit (NIES), in Abuja, acknowledged that the decision has led to hardship, especially amongst low-income earners. He assured that eventually the economy will improve and the benefits will manifest.

Represented by Mohammed Idris, the minister of information and national orientation, Tinubu stated that energy security was a priority for his administration.

He said:

“By removing the subsidy, we are creating a more transparent and accountable energy sector. The funds that were previously allocated to subsidising petroleum products are now redirected towards developing and upgrading our energy and other social infrastructure.

“Furthermore, the removal of the subsidy has encouraged further private sector participation in the energy industry, with the potential to attract more local and international investors and foster innovation and competition that will drive down costs and improve the overall efficiency of our energy sector.”

“The decision to remove the petroleum subsidy is not an easy one, but it is a necessary one for the long-term energy security and economic prosperity of our beloved nation. I call upon all stakeholders, including industry experts, policymakers, and the general public, to engage in constructive dialogue and collaboration as we navigate these challenging but transformative times.”