President Bola Tinubu says the removal of fuel subsidy was needed to reset Nigeria’s economy.
Tinubu made the statement while
speaking as one of the panelists at the ongoing World Economic Forum in Riyadh,
Saudi Arabia, on Sunday.
The World Economic Forum
meeting focuses on Global Collaboration, Growth and Energy for Development.
The President said the subsidy
was removed to prevent Nigeria from going bankrupt.
Heraldviews recalls that Tinubu
announced the removal of subsidy on petrol the day he was inaugurated into
office.
The policy, however, saw prices
of commodities spike, leading to increased hardship in the country.
“For Nigeria, we are immensely
consistent with belief that the economic collaboration and inclusiveness is
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,” Tinubu
said.
Tinubu added that he was
convinced the decision was in the best interest of the people
He said, “It is going to be
difficult, but the hallmark of leadership is taking difficult decision at the
time it ought to be taken decisively. That was necessary for the country.
“Yes, there will be blowback,
there is expectation that the difficulty in it will be felt by greater number
of the people, but once I believe it is their interest that is the focus of the
government, it is easier to manage and explain the difficulties.
“Along the line, there is a
parallel arrangement to really cushion the effect of the subsidy removal on the
vulnerable population of the country. We share the pain across board, we cannot
but include those who are vulnerable.
“Luckily, we have a very
vibrant youthful population interested in discoveries by themselves and they
are highly ready for technology, good education committed to growth.
“We are able to manage that and
partition the economic drawback and the fallout of subsidy removal.”
According to him, the fuel
subsidy removal equally engendered accountability, transparency and physical
discipline for the country.
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