No regret removing fuel subsidy, says President Tinubu

No regret removing fuel subsidy, says President Tinubu

President Bola Ahmed Tinubu has firmly defended his administration’s decision to remove the fuel subsidy, describing it as a vital step to protect Nigeria’s economic future.

Speaking during his first presidential media chat on Monday night, Tinubu reiterated his commitment to the reform, stating:
“I have no regrets whatever removing subsidies. It was necessary.”

The President explained that the subsidy regime had become unsustainable, comparing it to mortgaging the nation’s future for immediate consumption. He emphasized that continuing the practice would have had devastating long-term consequences for the country’s economy.

Tinubu also highlighted the ongoing efforts to cushion the impact of the subsidy removal on Nigerians, promising targeted interventions and reforms to alleviate the challenges faced by citizens.

“We were not investing; we were just deceiving ourselves. The reform was necessary. We cannot have expenditures we don’t have revenue for,” Tinubu said.

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He further emphasised the importance of fiscal discipline, urging Nigerians to adopt better financial management practices.

“Cut your coat according to your size,” he advised, adding, “We had no choice but to pull the handbrake—not just for us, but for our children and grandchildren.”

The President also acknowledged the challenges arising from the subsidy removal, including resistance from smugglers.

“I can see smugglers fighting back,” Tinubu remarked, emphasising the need for strict enforcement and structural reforms.

He reiterated his administration’s commitment to making tough but necessary decisions to stabilise the economy, asserting, “No matter how you phase it, you still have to meet the bill.”

Addressing a recent stampede incidents at a charity events that led to multiple casualties, the President extended his condolences to the families of the victims. Tinubu, who has a history of philanthropy spanning 25 years, lamented the tragedies, calling for better organisation and contingency planning in such events.

“It is sad that people are not respected or are abused in situations like this. If you don’t have enough to give, don’t publicise it,” he said.

He urged organisers to prioritise safety and ensure proper crowd management to prevent future occurrences.

 

No regret removing fuel subsidy, says President Tinubu