President Bola Tinubu on Tuesday reiterated his administration’s decision to remove the fuel subsidy, citing the need to free up resources for critical infrastructure investments.
Speaking at the 17th Annual Chartered Institute of Bankers of Nigeria (CIBN) Banking and Finance Conference in Abuja, Tinubu, represented by Vice President Kashim Shettima, described the move as part of broader efforts to restore confidence in Nigeria’s economy.
“We have taken bold steps to reform the macroeconomic environment. Our focus is on restoring confidence in the Nigerian economy through measures aimed at reducing inflation, stabilizing the foreign exchange market, and improving fiscal management,” Tinubu said.
Tinubu acknowledged the short-term difficulties caused by the removal of the petrol subsidy, which led to an immediate increase in fuel prices—currently gas is selling at around N1,300 ($0.8) per liter.
However, he defended the action, stating that “though painful in the short term, the removal of fuel subsidies is designed to free up budgetary resources for critical investments in infrastructure and social services.”
He acknowledged the challenges faced by the country, including high inflation, rising living costs, and infrastructure deficits, but stressed that these challenges present growth opportunities.
—Ezinwanne Onwuka reports for TruthNigeria from Abuja.
