President Bola Ahmed Tinubu has reaffirmed his administration’s stance on the removal of fuel subsidies, describing the decision as a necessary and forward-looking policy to safeguard Nigeria’s economic future.
Speaking during his first presidential media chat on Monday night, Tinubu maintained that he has no regrets about taking the bold step, despite the controversies and challenges it has generated.
“I have no regret removing the subsidy. Not just for us but for our children. Where is the inheritance?” Tinubu stated, emphasizing the long-term benefits of the policy over immediate relief.
The president argued that the subsidy system had become an unsustainable drain on the national treasury, benefiting a few at the expense of broader economic progress.
According to the president, the funds previously spent on subsidies can now be redirected to critical areas like education, healthcare, and infrastructure development.
Acknowledging the initial hardship that came with the removal, Tinubu expressed optimism about the future. He reassured Nigerians that his administration is committed to implementing measures to cushion the impact on the most vulnerable, including targeted palliatives and investments in alternative energy solutions.
In his inaugural address on May 29, 2023, President Bola Ahmed Tinubu unveiled a bold and transformative policy designed to alleviate the mounting financial pressures on Nigeria’s government.
Speaking before a packed crowd in the capital city of Abuja, Tinubu made a historic declaration that marked the end of decades-long petroleum product subsidies.
“Fuel subsidy is gone,” Tinubu announced, sending a clear message of his administration’s commitment to economic reform.
The move has been met with mixed reactions. Supporters applaud it as a necessary step to redirect funds toward critical sectors like infrastructure, education, and healthcare.
Critics, however, express concern about the immediate impact on ordinary Nigerians, who are already grappling with high inflation and economic challenges.
On the issue of borrowing, President Tinubu dismissed widespread criticism, describing it as a practical tool for addressing Nigeria’s pressing infrastructural deficit. “Borrowing is not criminal. We have a serious infrastructural deficit,” he said.
With these bold policies, Tinubu has staked his presidency on the promise of laying a foundation for a more sustainable and prosperous Nigeria, ensuring that the inheritance he referred to is one of growth and stability for future generations.