President Bola Tinubu has defended his decision to remove fuel subsidy, citing the need to prevent national bankruptcy and reset the economy for sustainable growth. In a statement, Tinubu explained that the subsidy regime had become unsustainable, with a significant portion of the funds benefiting only a few individuals and corporations at the expense of the majority of Nigerians.
The President emphasized that the removal of the subsidy would allow the government to redirect funds towards critical areas such as:
- Education: Improving access to quality education for all Nigerians
- Healthcare: Enhancing healthcare infrastructure and services
- Infrastructure development: Investing in roads, bridges, and other critical infrastructure projects
Tinubu assured that the government would implement measures to mitigate the impact of the subsidy removal on vulnerable citizens, including:
- Social protection programs
- Job creation initiatives
- Support for small and medium-sized enterprises (SMEs)
The President also highlighted the need for Nigeria to diversify its economy, reduce dependence on oil revenues, and promote private sector investment. He expressed confidence that the subsidy removal would stimulate economic growth, create new opportunities, and benefit the majority of Nigerians in the long run.
