President Bola Tinubu has reaffirmed his decision to remove the fuel subsidy, stating that it was necessary for Nigeria’s economic future. He made the remarks during a nationwide presidential media chat currently being broadcast.
Tinubu emphasized that the subsidy system was unsustainable and detrimental to the country’s long-term prosperity.
“We were spending our future and the fortunes of the next generation,” he said. “Instead of investing, we were deceiving ourselves. Why should we incur expenditures without sufficient revenue?”
The president maintained that the decision, though challenging, was unavoidable. “I have no regrets about removing the fuel subsidy. We had no choice; otherwise, we were headed toward a financial disaster—not just for ourselves but for our children.”
Addressing the recent stampedes during the distribution of palliatives in some parts of the country, which resulted in tragic deaths, Tinubu attributed the incidents to poor organization.
“It is deeply saddening that such incidents occurred due to a lack of proper coordination,” he said. “We must be more disciplined. My heartfelt condolences go out to those who lost their loved ones.”
The president’s remarks underscore his administration’s focus on economic reforms and improved governance.