Tinubu Declares No Regrets Over Fuel Subsidy Removal

President Tinubu reaffirms his decision to remove fuel subsidies, citing long-term benefits for Nigeria despite public concerns and economic challenges.

President Bola Ahmed Tinubu has staunchly defended his administration’s choice to eliminate the fuel subsidy, calling it a crucial measure to safeguard Nigeria’s economic future.

During his initial presidential media chat on Monday night, Tinubu reaffirmed his dedication to the reform by stating:

“I have no regrets at all about removing subsidies; it was essential.”

The President clarified that the subsidy system was no longer sustainable, likening it to sacrificing the nation’s future for short-term gain. He stressed that persisting with this approach would result in severe long-term effects on the country’s economy.

Tinubu also emphasized the continuous efforts to mitigate the effects of subsidy removal on Nigerians, assuring that specific interventions and reforms will be implemented to ease the challenges faced by citizens.

“We weren’t truly investing; we were merely fooling ourselves. The reform was essential, as it’s unsustainable to have expenses without matching revenue,” Tinubu stated.

He further stressed the significance of fiscal discipline, calling on Nigerians to embrace improved financial management practices.

“Tailor your coat to fit you,” he recommended, further explaining, “We had no option but to apply the handbrake—not just for ourselves, but also for our children and grandchildren.”

The President also recognized the difficulties stemming from the removal of subsidies, such as opposition from smugglers.

“I can see smugglers fighting back,” Tinubu noted, highlighting the urgent need for strict enforcement and structural reforms.

He emphasized his administration’s dedication to making difficult yet essential choices for stabilizing the economy, stating, “Regardless of how you put it, the bill still needs to be paid.”

In response to a recent stampede at charity events resulting in multiple casualties, the President expressed his condolences to the victims’ families. Tinubu, with 25 years of philanthropic experience, mourned these tragedies and called for improved organization and contingency planning for such events.

“It is unfortunate that individuals are disrespected or mistreated in these situations. If you don’t have enough to contribute, it’s better not to publicize it,” he stated.

He emphasized the importance of prioritizing safety and implementing effective crowd management to prevent similar incidents in the future.