President Bola Ahmed Tinubu has justified the removal of the fuel subsidy, stating that the decision was necessary to protect Nigeria’s economic future and prevent the country from financial collapse.
Speaking during a town hall meeting in Enugu State on Saturday, following the inauguration of key projects executed by Governor Peter Mbah, Tinubu emphasized that the subsidy removal was a tough but essential choice.
“We must build this house called Nigeria, not just to satisfy our immediate needs but to secure our future,” Tinubu said. “That’s why the removal of the fuel subsidy was necessary. We cannot spend the future of generations yet unborn in advance. Don’t bankrupt the nation before they’re born.”
The president highlighted that the subsidy system had become unsustainable, warning that continued reliance on it would have led to economic disaster.
Tinubu initially announced the removal of the fuel subsidy on May 29, 2023, during his inauguration speech. The policy, while praised by some as a critical step toward economic reform, has drawn criticism for causing a sharp increase in the cost of goods and services, exacerbating the economic burden on Nigerians.
Critics argue that the government did not adequately plan for the immediate impacts of the subsidy removal, leaving many struggling with the high cost of living. Despite this, Tinubu maintains that the policy is essential for long-term national stability and growth.
The president’s remarks come amid ongoing debates over the economic and social consequences of the subsidy removal, with many Nigerians calling for measures to cushion its effects.
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