President Bola Tinubu has reiterated his stance on the removal of the petrol subsidy, stating he has no regrets about the decision.
During his first presidential media chat on Monday, Tinubu emphasized the necessity of the reform, arguing that Nigeria had been compromising its future by not investing wisely.
“We were spending the fortune of our future generations, we were not investing,” Tinubu said. “We were just deceiving ourselves. That reform was necessary. Why should you have expenditures that we don’t have revenue for?”
The president stressed the importance of prudent resource management, saying, “We should teach management in all our programs; we have to manage our resources.”
Tinubu also criticized the unsustainable nature of the subsidy, which he said benefitted neighboring countries at Nigeria’s expense.
“There is no way you give out fuel and allow all the entire neighboring countries as Father Christmas. I don’t have regret whatsoever removing the subsidy. It is necessary,” he added.
The president concluded by emphasizing the need to safeguard the investments of future generations, stating, “We cannot spend our future generation investments upfront.”
The subsidy removal, which has sparked significant debate, is part of Tinubu’s broader economic reforms aimed at stabilizing Nigeria’s economy.