President Bola Ahmed Tinubu has staunchly defended his administration’s decision to remove the fuel subsidy, calling it a vital step to secure Nigeria’s economic future.
Speaking during his first presidential media chat on Monday night, Tinubu declared, “I have no regrets whatsoever removing subsidies. It was necessary.”
The president criticized the subsidy regime as unsustainable, likening it to sacrificing the country’s long-term stability for immediate gratification.
“We were not investing; we were just deceiving ourselves,” he stated. “The reform was necessary. We cannot have expenditures we don’t have revenue for.”
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Tinubu urged Nigerians to embrace fiscal discipline, advising citizens to live within their means.
“Cut your coat according to your size,” he said. “We had no choice but to pull the handbrake—not just for us, but for our children and grandchildren.”
Acknowledging the hardships caused by the removal of subsidies, Tinubu noted the resistance from certain quarters, including fuel smugglers.
“I can see smugglers fighting back,” he remarked, emphasizing the importance of enforcement and structural reforms to curb such activities.
The president reiterated his administration’s commitment to implementing tough but essential policies to stabilize Nigeria’s economy.
“No matter how you phase it, you still have to meet the bill,” Tinubu said, underlining the necessity of difficult decisions for the nation’s progress.
