Eko Hot Blog reports that President Bola Tinubu has defended the removal of the fuel subsidy, stating that it was a necessary action to prevent Nigeria from going bankrupt and to reset the economy on a path to growth.
Speaking as a panellist at the ongoing World Economic Forum in Riyadh, Saudi Arabia, Tinubu emphasized the importance of taking difficult decisions in leadership.
“Concerning the question of the subsidy removal, there is no doubt that it was a necessary action for my country not to go bankrupt, to reset the economy and pathway to growth,” Tinubu said.
“It is going to be difficult, but the hallmark of leadership is taking difficult decisions at the time it ought to be taken decisively.
“That was necessary for the country.”
The President acknowledged the potential backlash and increased hardship for many Nigerians, but he expressed conviction that the move was in the best interest of the people.
“Yes, there will be blowback.
“There is expectation that the difficulty in it will be felt by a greater number of the people, but once I believe it is their interest that is the focus of the government, it is easier to manage and explain the difficulties,” he said.
Tinubu also highlighted the parallel arrangements in place to cushion the impact of the subsidy removal on the vulnerable population.
“Along the line, there is a parallel arrangement to really cushion the effect of the subsidy removal on the vulnerable population of the country.
President Bola Tinubu
“We share the pain across board, we cannot but include those who are vulnerable,” he stated.
The President emphasized the importance of promoting accountability, transparency, and fiscal discipline in the country through the subsidy removal.
He also stressed the need to manage the exchange rate to enable the Naira to compete effectively with global currencies, aiming to eliminate artificial value elements, promote transparency, and curb corruption.
Tinubu credited the government’s preparedness for inclusive governance and efficient communication with the public for effectively managing these challenges.
The World Economic Forum meeting focused on global collaboration, growth, and energy for development.
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