Fuel Subsidy Removal Necessary For Nigeria Not To Go Bankrupt— Tinubu

President Bola Tinubu has insisted that his administration’s decision to remove the petrol subsidy was very necessary to prevent the country from going bankrupt.

Tinubu announced the removal of subsidy on petrol on the very day he was inaugurated into office with the popular “subsidy is gone” speech.

The action, however, made prices of commodities to rise to the roofs, increasing hardship in the country which has made some of his critics condemn the subsidy removal as a policy not well thought out.

But speaking as one of the panelists at the ongoing World Economic Forum in Riyadh, Saudi Arabia on Sunday, Tinubu justified the petrol subsidy removal, maintaining that it was needed to reset the economy.

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“For Nigeria, we are immensely consistent with belief that the economic collaboration and inclusiveness is necessary to engender stability in the rest of the world. “Concerning the question of the subsidy removal, there is no doubt that it was a necessary action for my country not to go bankrupt, to reset the economy and pathway to growth. The Nigerian leader admitted the difficulty associated with his decision to jettison the policy which has allowed Nigerians to purchase petrol at cheaper rates for years but said that he was convinced it was in the best interest of the people.

“It is going to be difficult, but the hallmark of leadership is taking difficult decision at the time it ought to be taken decisively. That was necessary for the country. Yes, there will be blowback, there is expectation that the difficulty in it will be felt by greater number of the people, but once I believe it is their interest that is the focus of the government, it is easier to manage and explain the difficulties.

“Along the line, there is a parallel arrangement to really cushion the effect of the subsidy removal on the vulnerable population of the country. We share the pain across board, we cannot but include those who are vulnerable.”