The President of Nigeria, Bola Tinubu has stressed that the decision of his administration to remove the petrol subsidy was very necessary to prevent the country from going bankrupt and running into economic turmoil.
Africa Today News, New York recalls that Tinubu shocked many Nigerians when he announced the removal of subsidy on petrol the day he was inaugurated into office with the popular “subsidy is gone” speech.
However, the move sent commodity prices skyrocketing and worsened the nation’s situation, leading some of his detractors to denounce the elimination of subsidies as a poorly considered decision.
But speaking as one of the panelists at the ongoing World Economic Forum in Riyadh, Saudi Arabia on Sunday morning, Tinubu justified the petrol subsidy removal, maintaining that it was needed to reset the economy.
“For Nigeria, we are immensely consistent with belief that the economic collaboration and inclusiveness are necessary to engender stability in the rest of the world.
“Concerning the question of the subsidy removal, there is no doubt that it was a necessary action for my country not to go bankrupt, to reset the economy and pathway to growth,” Tinubu said.
Read Also: Why We Asked Nigeria To Remove Fuel Subsidy, IMF Opens Up
The Nigerian leader admitted the difficulty associated with his decision to jettison the policy which has allowed Nigerians to purchase petrol at cheaper rates for years but said that he was convinced it was in the best interest of the people.
“It is going to be difficult, but the hallmark of leadership is taking difficult decisions at the time it ought to be taken decisively. That was necessary for the country. Yes, there will be blowback, there is an expectation that the difficulty in it will be felt by a greater number of the people, but once I believe it is their interest that is the focus of the government, it is easier to manage and explain the difficulties.
“Along the line, there is a parallel arrangement to really cushion the effect of the subsidy removal on the vulnerable population of the country. We share the pain across board, we cannot but include those who are vulnerable.
“Luckily, we have a very vibrant youthful population interested in discoveries by themselves and they are highly ready for technology, good education committed to growth. We are able to manage that and partition the economic drawback and the fallout of subsidy removal.”
Tinubu said that the petrol subsidy removal equally engendered accountability, transparency and physical discipline for the country. According to him, that is more important to focus on what direction the country should go.