President Bola Tinubu has staunchly defended his administration’s removal of the fuel subsidy, labeling it a vital reform for Nigeria’s economic future.
In his inaugural media chat in Lagos, he argued that the subsidy system was unsustainable and detrimental to future investments.
“I have no regrets whatever removing subsidies. It was necessary.
“We were not investing; we were just deceiving ourselves. The reform was necessary. We cannot have expenditures we don’t have revenue for,” Tinubu said.
Tinubu urged fiscal discipline among Nigerians and acknowledged challenges such as smuggling that arose from the policy change.
“Cut your coat according to your size,” he advised, adding, “We had no choice but to pull the handbrake—not just for us, but for our children and grandchildren.”
The President also acknowledged the challenges arising from the subsidy removal, including resistance from smugglers.
“I can see smugglers fighting back,” Tinubu remarked, emphasizing the need for strict enforcement and structural reforms.
He reiterated his administration’s commitment to making tough but necessary decisions to stabilize the economy, asserting, “No matter how you phase it, you still have to meet the bill.”
He also expressed condolences for victims of a recent charity event tragedy, emphasising the need for improved crowd management at public gatherings.
He lamented the tragedy, calling for better organization and contingency planning in such events.
“It is sad that people are not respected or are abused in situations like this. If you don’t have enough to give, don’t publicise it,” he said.
He urged organizers to prioritize safety and ensure proper crowd management to prevent future occurrences.
