President Bola Tinubu has reaffirmed that the removal of the fuel subsidy was essential for Nigeria’s long-term prosperity. Speaking during a media chat on December 23, 2024, Tinubu explained that the decision, taken on his first day in office, was aimed at halting unsustainable spending that jeopardized the future of the nation and its unborn generations.
Tinubu criticized the previous subsidy policy, stating it encouraged wasteful spending and benefitted neighboring countries at Nigeria’s expense. “We were spending the fortune of our future generations and deceiving ourselves. That reform was necessary,” he said. He emphasized the need for resource management and investing in sustainable growth rather than perpetuating subsidies.
The subsidy removal, while intended to stabilize the economy, has led to significant hardships, including skyrocketing costs of goods and services. Tinubu acknowledged the challenges but stood firm, stating, “I have no regrets whatsoever removing the subsidy. It is necessary to preserve our future investments.”