Removing Subsidy Tinubu
Tinubu Defends Fuel Subsidy Removal, Says No Regret Over Swift Action
President Bola Ahmed Tinubu has defended his decision to immediately remove the fuel subsidy upon assuming office on May 29, 2023, stating that it was necessary to safeguard Nigeria’s future and that of generations to come.
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EKO HOT BLOG reports that in an appearance during his first presidential media chat aired by the Nigerian Television Authority (NTA) on Monday, Tinubu responded to questions about the timing and impact of the subsidy removal.
He expressed confidence that the decision was in the best interest of the country.
When asked if a phased removal of the subsidy, along with the floating of the naira, might have been a more gradual approach, Tinubu questioned the sustainability of continuing an expenditure without adequate revenue to support it.
He emphasized, “Why should you have expenditure that you don’t have revenue to take care of? I don’t want to question people that drive limousines on the road. We should teach management in all our programmes.”
He further argued that the removal of the subsidy was essential to prevent the nation’s resources from being misused, stating, “There is no way we would give out fuel and allow all the entire neighbouring countries to benefit at Nigeria’s expense. I don’t have any regret whatsoever removing the subsidy.”
The decision to remove the subsidy led to a dramatic increase in the price of petrol, with the pump price soaring from N195 per litre to around N1,000.
This hike in fuel prices has triggered a rise in transport costs, food prices, and contributed to widespread hardship across the country.
Removing Subsidy Tinubu
Tinubu, however, remained resolute, reiterating that the subsidy removal was a necessary step to ensure the long-term stability and development of Nigeria’s economy.
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