Tinubu Defends Petrol Subsidy Removal, Says It Was Necessary for Nigeria’s Economic Future

President Bola Tinubu has reiterated his stance on the removal of petrol subsidies, stating that he has no regrets about the decision. According to Tinubu, the subsidy was draining Nigeria’s resources without providing sustainable benefits, and its removal was essential to secure the country’s economic future ¹.

Tinubu emphasized that Nigeria cannot continue to subsidize petrol for neighboring countries, describing the situation as unsustainable. He believes that the removal of the subsidy has increased competition in the sector, leading to a gradual decrease in pump prices.

“We were spending our future, we were just deceiving ourselves. That reform was necessary,” Tinubu said, highlighting the need for prudent management of Nigeria’s resources.

The president also expressed his opposition to price control, stating that his administration will focus on supplying the market instead. “I don’t believe in price control, we will work hard to supply the market,” he said.

While the removal of the subsidy has been met with criticism, Tinubu remains committed to his decision. He believes that it will ultimately benefit Nigeria’s economy and provide a more sustainable future for its citizens.

However, the removal of the subsidy has had significant consequences for Nigerians, including a surge in petrol prices from around N200/litre to over N1,000/litre. This has compounded the challenges faced by citizens, who are already dealing with decades-long epileptic electricity supply and rising food prices.