President Bola Tinubu has defended his decision to remove the petrol subsidy, saying the move was necessary to prevent Nigeria from going bankrupt.
Tinubu said the subsidy had placed a heavy burden on government finances, making it difficult for the country to sustain the policy while meeting other financial obligations.
He issued the explanation during a meeting with the City Boys Movement in Abuja on Monday.
Tinubu made the remarks while defending his administration’s economic reforms, arguing that continuing to fund the subsidy would have placed Nigeria’s finances under greater pressure.
He acknowledged that the policy had brought economic difficulties for Nigerians but maintained that the government had taken steps to cushion the effects on vulnerable citizens.
According to Tinubu: “I came and I removed subsidy the first day, Nigeria will not go bankrupt because there is nothing left to pay subsidy.
“I listen to my political opponents promising a return to subsidy but I remember my scripture studies in either the Bible or the Holy Quran.”
The president assured that he would campaign on the backdrop of original ideas that would move Nigeria forward.
“We will campaign with ideas, original thoughts and thinking to move this country forward,” he added.
The president also stressed the need for fiscal discipline, transparency and responsible management of public funds, saying the country must prioritise long-term economic stability over policies that could threaten its financial future.
Tinubu announced the removal of the petrol subsidy during his inauguration on May 29, 2023. The decision triggered a sharp rise in fuel prices and increased the cost of transportation and other essential goods and services across the country.
