President Bola Tinubu has staunchly defended his administration’s removal of the fuel subsidy, saying it is a vital reform for Nigeria’s economic future.
In his inaugural media chat in Lagos, he argued that the subsidy system was unsustainable and detrimental to future investments.
“I have no regrets whatever removing subsidies. It was necessary.
“We were not investing; we were just deceiving ourselves. The reform was necessary. We cannot have expenditures we don’t have revenue for,” Tinubu said.
Tinubu urged fiscal discipline among Nigerians and acknowledged challenges such as smuggling from the policy change.
“Cut your coat according to your size,” he advised, adding, “We had no choice but to pull the handbrake—not just for us, but for our children and grandchildren.”
The President also acknowledged the challenges of removing the subsidy, including resistance from smugglers.
“I can see smugglers fighting back,” Tinubu remarked, emphasising the need for strict enforcement and structural reforms.
He reiterated his administration’s commitment to making tough but necessary decisions to stabilise the economy, asserting, “No matter how you phrase it, you still have to meet the bill.”
Tinubu also expressed condolences for the victims of a recent charity event tragedy and emphasised the need for improved crowd management at public gatherings.
He lamented the tragedy, calling for better organisation and contingency planning.
“It is sad that people are not respected or are abused in situations like this. If you don’t have enough to give, don’t publicise it,” he said.
The president also urged organisers to prioritise safety and ensure proper crowd management to prevent future occurrences.
