President Bola Tinubu has defended his decision to remove the fuel subsidy, calling it a crucial move that was necessary to address Nigeria’s economic challenges.
Speaking during a presidential media chat on Monday evening, Tinubu expressed no regrets about the subsidy removal, emphasizing that it was a tough but necessary step to take. Tinubu implemented the subsidy removal on his first day in office as president of Nigeria.
This decision has been a subject of debate, with some critics arguing that it has led to increased fuel prices and hardship for Nigerians. However, Tinubu has maintained that the removal of the subsidy was essential to free up resources for critical infrastructure investments.
The President acknowledged that the removal of the fuel subsidy has caused short-term difficulties, including an increase in fuel prices. Currently, gas is selling at around N1,300 ($0.8) per liter. However, Tinubu defended the action, stating that it was designed to free up budgetary resources for critical investments in infrastructure and social services.
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Tinubu’s administration has faced criticism for the timing and implementation of the subsidy removal. However, the President has emphasized that his administration is focused on making tough but necessary decisions to stabilize the economy.
He has also stressed that the challenges faced by Nigeria, including high inflation and infrastructure deficits, present opportunities for growth and development. Despite the controversy surrounding the subsidy removal, Tinubu remains committed to his economic vision for Nigeria.
Source: Henzodaily.ng