Business News

Tinubu says petrol subsidy removed to reset Nigeria’s economy  

Nigeria’s President Bola Tinubu says his administration removed petrol subsidy to put Nigeria on the path of economic growth. 

Tinubu highlighted this during a high-level panel session at the World Economic Forum (WEF) Special Meeting on Global Collaboration, Growth and Energy for Development in Riyadh, Saudi Arabia, on Sunday, according to a statement released by his spokesperson, Ajuri Ngelale. 

Ngelale quoted the president as saying that he had to take tough but essential decisions like removing fuel subsidy – with its attendant perils – to reposition Nigeria’s economy. 

What Tinubu said, 

Tinubu explained that the government under his leadership is managing the nation’s currency and effectively removing corruption-laden arbitrage. 

The president also explained his role in stabilizing the West African region amid several coup d’etat. 

According to him, he eased sanctions on defaulting West African countries because he believes in trading and brotherliness. 

He urged global leaders to pay attention to the developments in the Sahel and collaborate with their African counterparts to arrive at solutions to unsavoury developments on the continent. 

He said,