To prevent Nigeria from becoming bankrupt, President Bola Tinubu has stated that his administration’s decision to remove the fuel subsidy was in the nation’s best interests.
He emphasized that the government believes that inclusivity and economic cooperation with other countries may promote stability on the international scene.
Tinubu made these remarks on Sunday at a panel discussion focused on global collaboration, growth, and energy for development at the World Economic Forum, which is now taking place in Riyadh, Saudi Arabia.
“For Nigeria, we are immensely consistent with belief that the economic collaboration and inclusiveness are necessary to engender stability in the rest of the world”, President Tinubu said.
“Concerning the question of the fuel 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”, he continued.
Recall that during his inauguration on May 29, 2023, Tinubu told the populace that he was determined to cease petrol subsidy payments, stating that the “subsidy is gone.”
The Federal Government used the subsidy to help citizens pay for fuel purchases at higher prices, but later on, it turned into a nightmare for the public because it was partially to blame for the skyrocketing prices of commodities in the market, particularly food and transportation expenses.
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