“I have no regrets about removing the fuel subsidy,” – Tinubu
By: The Publisher.
President Asiwaju Bola Tinubu has reaffirmed his strong commitment to eliminating fuel subsidies, describing the decision as vital for the country’s long-term economic stability. The president made this statement in Lagos on Monday night during his first Presidential Media Chat, where he addressed various issues, including economic reforms and social challenges.
In discussing the removal of the subsidy, Tinubu emphasized that the decision was driven by a desire to secure a sustainable future for the nation. “I do not regret removing the subsidy. We cannot jeopardize the investments of future generations. We must manage our resources wisely, and that is the issue,” the president declared.
In his inaugural address on May 29, 2023, President Tinubu announced the withdrawal of fuel subsidies, noting that there were no provisions for them in the 2023 appropriation act. He elaborated on the reasoning behind his decision, criticizing the previous subsidy regime as unsustainable due to excessive expenditures without adequate revenue.
“We were deceiving ourselves and not investing wisely. Why should we incur expenses that we cannot support with revenue?” he questioned. “This move is necessary. We cannot spend our future generations’ investments today. Is it wrong to say this is the right thing to do? The fear surrounding this decision is unfounded. We must fulfill our obligations, regardless of how challenging that may be. We need to tailor our expenses to our resources.”
“We have no choice but to address these issues now. Otherwise, we risk sliding into a financial disaster—not only for ourselves but also for our children and grandchildren. We must identify areas for improvement and find a pathway to prosperity.”
