Fuel Subsidy Was Removed For Nigeria Not To Go Bankrupt – Tinubu

President Bola Tinubu has revealed that the subsidy on fuel was removed to prevent Nigeria from going bankrupt.

Tinubu stated this 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.

President Tinubu said the petrol subsidy removal was needed to reset the economy.

 “For Nigeria, we are immensely consistent with the belief that 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,” 

Tinubi said he was convinced the subsidy removal was in the best interest of the people.

He said, “It is going to be difficult, but the hallmark of leadership is taking difficult decisions 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 a 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 the 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.”

RovingNaija News recalls that President Tinubu announced the removal of subsidy on petrol the day he was inaugurated into office, a policy decision which spiked increases in prices of commodities in the country.