President Bola Tinubu, has emphasized the importance of his administration’s choice to eliminate the petrol subsidy in order to avoid bankruptcy for the country.
Addressing the audience at the World Economic Forum in Riyadh, Saudi Arabia On Sunday, Tinubu explained the rationale behind the removal of petrol subsidies, emphasizing that it was essential for restructuring the economy.
Tinubu made the announcement to remove petrol subsidy on the same day he was sworn into office, using the famous line “subsidy is no more.
He stated, “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.”
Acknowledging the challenges associated with the policy, Tinubu reiterated that leadership requires making difficult decisions when needed. He assured that measures were in place to mitigate the impact of the subsidy removal on vulnerable populations.
Tinubu also defended the exchange rate unification, stating that it was necessary to allow the Naira to compete favorably with other world currencies and remove elements of arbitrage, corruption, and opaqueness.
The President emphasized the importance of accountability, transparency, and fiscal discipline for Nigeria’s economic stability. He highlighted the country’s vibrant youth population and their readiness for technological advancements and education as factors aiding in managing the economic challenges.
The World Economic Forum meeting focuses on Global Collaboration, Growth, and Energy for Development, providing a platform for leaders to discuss key economic issues affecting the world.
