President Bola Tinubu has defended his administration’s removal of the fuel subsidy, stating it was necessary to prevent Nigeria from going bankrupt and reset the economy for growth.
In a panel discussion at the World Economic Forum in Riyadh, Tinubu emphasized the importance of economic collaboration and inclusiveness among nations to drive global stability.
He said, “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.
“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.”
The president acknowledged the removal was a tough decision that would impact many Nigerians, but said parallel arrangements are in place to cushion the effects on vulnerable populations.
He noted the subsidy removal, however, brought accountability, transparency, and fiscal discipline.
Tinubu also addressed currency reforms, saying the naira’s unification and market-driven exchange rate removed artificial value elements, corruption, and opaqueness.
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