President Bola Tinubu has again said he has no regrets about removing the petrol subsidy in May 2023 and introducing other reforms in the country.
“I don’t have any regrets whatsoever about removing the petrol subsidy. We are spending our future, we were deceiving ourselves, that reform was necessary,” the President told selected reporters during a pre-recorded media chat on Monday night at his Bourdillon residence in Ikoyi, Lagos State.
President Tinubu said that the removal of the petrol subsidy last year increased competition within the sector and that the pump price of petrol gradually crashed.
“The market is being saturated. No monopoly, no oligopoly, a free market economy flowing,” he said.
President Tinubu, who took office in May 2023, has always hammered on the need for the reforms, despite calls from several quarters to alleviate increased hardship brought on by his policies.
Business Post reports that he defended the policies recently at the 2025 Budget presentation as he has done on a number of occasions, including at a conference in Riyadh, Saudi Arabia earlier this year.
He also said he does not believe in price control and he won’t go that path.
“I don’t believe in price control, we will work hard to supply the market,” he said.
He also said it was about time to bring the governance down, adding that, “we will try.”
The President said the country will be looking at agriculture, export incentives, harnessing the marine ecosystem; bringing affordable transportation.
“We will bring it down gradually,” he added.
He continued, “The key is to produce more for local consumption and exports while reducing imports. We’re supporting farmers with low-interest loans and improving security to encourage agricultural activities.
“Mechanised farming is being prioritised, with thousands of tractors set to arrive in the country. In addition, we’re incentivising local drug manufacturing and harnessing our marine ecosystem for economic growth.
“By addressing these sectors, we aim to bring down costs and stimulate the economy,” he noted.