President Bola Ahmed Tinubu has strongly defended the removal of controversial fuel subsidy, framing it as a critical step to secure Nigeria’s financial future.
Speaking during a media chat on Monday with journalists led by ARISE News Anchor Ruben Abati in Lagos, Tinubu emphasised that the subsidy system was unsustainable and detrimental to the nation’s long-term economic health.
“We were spending our future; we were not investing. We were just deceiving ourselves. That reform is necessary. I could see the smugglers fighting back.
Tinubu underscored the importance of aligning expenditures with revenues, highlighting that the subsidy system created an imbalance that threatened the country’s financial stability.
The President expressed unwavering confidence in the decision, despite its unpopularity in some quarters.
“Why should you have expenditures that you don’t have revenue for? We should teach management with all our programs. We have to manage our resources within our means.”
“I don’t have any regrets whatsoever, removing the subsidy. It is necessary. We cannot spend our future generation’s investment upfront,” he declared.
According to him, the removal of the subsidy was akin to pulling an emergency brake to prevent a looming fiscal catastrophe.
“We had no choice but to pull the hand brake; otherwise, we were headed for a slippery slope that would result in financial disaster, not just for us but for our children and grandchildren,” he explained.
Chioma Kalu
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