I Have No Regret Removing Fuel Subsidy, Tinubu Tells Nigerians

I Have No Regret Removing Fuel Subsidy, Tinubu Tells Nigerians

24th December 2024, NewsOrient, News
By Sam Egburonu, Editor

President Bola Ahmed Tinubu told Nigerians yesterday, Monday 23 2024, that he has no regrets for the removal of petroleum subsidy in May 2023.

This is even as many people are complaining of unheard of hardship in the oil-rich country, Nigeria.

Tinubu said he took that decision to save Nigeria and her future generations.

He said this at his first Presidential Media chat which was televised on Monday night.

According to him, the removal is aimed at saving Nigeria, especially her generations to come.


According to her, the measure became necessary because the country was already “spending its future by giving freebies to neighbouring countries.”

He said: “We were spending our future. We were spending our generations’ fortunes; we were not investing. We were just deceiving ourselves.

“That reform is necessary. I could see the smugglers fighting back; that doesn’t affect me. It affects smuggling. Why should you have expenditures that you don’t have revenue for?

“I don’t want to question people who have acquired limousine kind of vehicles on the road. We should teach management in all our programmes. We have to manage our resources within our means…

“There is no way that you give out fuel and allow all the neighbouring countries as Father Christmas.

“I don’t have any regret whatsoever in removing the subsidy. It is necessary. We cannot spend our future generations’ investments upfront.”

On why he did not consider phased removal to avart extreme hardship being experienced by common Nigerians, he said: “Phased removal is part of unnecessary fear. No matter how you cut it, you still have to meet the bills. So cut your coat strictly to your size.

“Management is the issue and we have no choice but to pull the hand brakes, otherwise, we are headed for slippery slopes and in such financial disaster, not just for us, but for our children and grandchildren. Where is the pathway for prosperity?”

He added that he does not believe in price control and that he won’t consider it.

“I don’t believe in price control, we will work hard to supply the market,” he said.

NewsOrient reports that since May 2023, when President Bola Ahmed Tinubu, in his inaugural address, removed fuel subsidy, fuel price has risen from N200/litre to over N1,000/litre.

This is even as the federal government, under Tinubu’s care has also implemented other economic policies whose combined effects on the average Nigerians include unrivaled hardship and hunger.

~ NewsOrient

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