Fuel subsidy removal saved Nigeria from bankruptcy — Tinubu explains

President Bola Ahmed Tinubu says the country would have been bankrupt if his administration had not removed the fuel subsidy.

The President made this known at the Special World Economic Forum in Riyadh, Saudi Arabia.

Recall Tinubu, on the day of his swearing-in, announced the removal of the subsidy that various administrations failed to execute.

The move sparked collateral instability in the value of the Naira and heaped hardship on Nigerians as food prices soared.

Though the policy was unpopular, the president said it came with economic pains as it was in the best interest of Nigerians.

Speaking in Riyadh, the president argued that removing the petrol subsidy was a “necessary action for my country not to go bankrupt” and to “reset the economy towards growth.”

Acknowledging the difficulties posed by the decision, the Nigerian leader told attendees that his government implemented parallel arrangements to cushion the impact on vulnerable citizens.

“Yes, there have been drawbacks. Yes, there was the expectation that a greater number of people would feel the difficulty, but, of course, I believed it was their interest that was the focus of government.

“It is easier to manage and explain the difficulties, but along the line, there was a parallel arrangement to cushion the effect of the subsidy removal on the vulnerable population of the country.

“We shared the pain across the board. We cannot but include those who are very vulnerable. Luckily, we have a very vibrant youthful population interested in discoveries by themselves, highly ready for technology, good education, and committed to growth,” Tinubu explained.