Removal of fuel subsidies needed to reset Nigeria's economy – Tinubu
President Bola Tinubu said the removal of fuel subsidies was necessary to reset Nigeria's economy.
Tinubu made the statement on Sunday while speaking as one of the panelists at the ongoing World Economic Forum in Riyadh, Saudi Arabia.
DAILY POST reported that the World Economic Forum meeting will focus on global cooperation, growth and energy for development.
The President said the subsidy was abolished to prevent Nigeria from going bankrupt.
DAILY POST recalls that Tinubu announced the abolition of petrol subsidy on the day he assumed office.
However, this policy led to soaring commodity prices and increased domestic hardship.
“For Nigeria, we are very much aligned in the belief that economic cooperation and inclusiveness are necessary to create stability in the rest of the world.
“On the issue of subsidy removal, there is no doubt that it was a necessary step to reset our economy and our path to growth so that our country does not go bankrupt,” Tinubu said.
Tinubu added that he was confident that the decision was in the best interest of the people.
He said: “It's going to be difficult, but the hallmark of leadership is making tough decisions when they need to be made. That's what the country needed.''
“Certainly there will be backlash, and we expect that the difficulties will be felt by more people, but once we believe that the government's focus is on the interests of the people, , policies will become easier to manage and explain 'difficult.
“At the same time, arrangements are being made in parallel to actually alleviate the impact of subsidy cuts on vulnerable people in the country. must be included.
“Fortunately, we have a very vibrant young population who are interested in discovering for themselves, and who are highly prepared for technology and a great education for their development.
“We can manage that and separate the economic downside from the impact of subsidy removal.”
He said the removal of fuel subsidies had similarly brought accountability, transparency and physical discipline to the country.
Source: dailypost.ng