President Bola Ahmed Tinubu has emphatically defended his administration’s decision to remove the longstanding fuel subsidy in Nigeria, stating unequivocally that he has no regrets about the policy move. Speaking directly to Nigerians, Tinubu described the subsidy removal as a necessary step to reposition the nation’s economy and end years of economic mismanagement associated with the subsidy regime.
The President acknowledged the hardship the removal has caused in the immediate term, particularly the skyrocketing cost of living and transportation. However, he argued that the fuel subsidy system had become a burden on the national economy, draining trillions of naira annually that could have been invested in infrastructure, education, and healthcare. Tinubu highlighted that the subsidy primarily benefited a small elite while placing an immense financial strain on the government and taxpayers.
Addressing criticisms, Tinubu maintained that retaining the subsidy would have been an unsustainable policy choice, particularly as Nigeria faced dwindling oil revenues and rising debts. He assured citizens that the funds saved from the subsidy removal are being channeled into initiatives aimed at alleviating the economic challenges faced by Nigerians. These include palliative measures, investments in public transport systems, and efforts to stabilize the naira through economic reforms.
The President emphasized the importance of short-term sacrifice for long-term gain, urging Nigerians to remain patient and supportive of the government’s efforts to implement broader economic reforms. He framed the subsidy removal as a pivotal decision to create a more equitable and self-reliant economy, laying the groundwork for sustainable development and reducing the nation’s dependency on oil.
Tinubu’s statement underscores the administration’s firm stance on economic policy amidst public outcry and opposition criticism. While many Nigerians struggle with the immediate consequences of the subsidy removal, the government remains committed to its vision of economic recovery and transformation, albeit at a significant cost to public sentiment in the short term.
