Subsidy Removal Was Necessary to Secure Nigeria’s Future – Tinubu

President Bola Ahmed Tinubu has reaffirmed his decision to remove the fuel subsidy immediately upon assuming office on May 29, 2023, stating that he has no regrets about the bold move.

Speaking during his first presidential media chat, broadcast on the Nigerian Television Authority (NTA) on Monday, Tinubu described the decision as a necessity to safeguard the country’s future and secure the well-being of generations yet unborn.

“Why should you have expenditure that you don’t have revenue to take care of?” Tinubu questioned, emphasizing the financial unsustainability of the subsidy.

The President further dismissed the notion of phasing out the subsidy gradually, explaining, “There is no way we would give out fuel and allow all the entire neighbouring countries as Father Christmas to have our fuel. I don’t have any regret whatsoever removing the subsidy.”

Tinubu also highlighted the importance of financial discipline and effective resource management, calling for a shift in attitudes across all sectors of the country.

While the removal of the subsidy and the naira’s floatation have sparked widespread debates and economic challenges, Tinubu insists the measures were necessary reforms to address structural weaknesses in the Nigerian economy.

He concluded by urging Nigerians to focus on long-term benefits rather than short-term discomfort, stating, “We must teach ourselves better management and sacrifice for a stronger future.”