President Bola Ahmed Tinubu has stated unequivocally that he has no regrets removing the fuel subsidy, describing it as a step critical to Nigeria’s economic survival. He made this assertion on Monday night during a nationwide live media chat, where he explained the long-term dangers of continuing with the subsidy.
“We are spending our future. We are spending our generation’s fortunes,” Tinubu said, highlighting how the subsidy drained national resources that could have been invested in critical sectors like education, healthcare, and infrastructure.
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Tinubu argued that retaining the fuel subsidy would have plunged Nigeria into severe financial distress. “Why should you have expenditures when you don’t have revenues?” he asked rhetorically, stressing that the country was on a “slippery slope” toward economic disaster before the removal.
According to him, the subsidy was not sustainable. “I don’t have any regret in removing the fuel subsidy. We have no choice. Otherwise, we are headed for financial disaster, not just for us but for our children,” Tinubu said.
Addressing Stampedes Linked to Palliatives
During the broadcast, Tinubu also addressed the recent tragic stampedes during the distribution of palliatives in Ibadan, Anambra and the Federal Capital Territory, which led to the loss of lives. He attributed these incidents to poor organisation and called for better planning and discipline in relief efforts.
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“It is very sad that people are not well-organised. We just have to be disciplined. My condolences to those who lost their family members,” he said.
Broader Reforms in View
The removal of the fuel subsidy is part of a broader economic reform agenda aimed at stabilising Nigeria’s economy. While the decision has faced criticism, Tinubu maintains that the removal was inevitable to build a sustainable financial future.
President Tinubu’s stance on the fuel subsidy reflects a commitment to tough but necessary reforms. As the nation navigates the challenges of these changes, his government continues to emphasise the need for collective discipline and patience.
Emmanuel Ochayi is a journalist. He is a graduate of the University of Lagos, School of first choice and the nations pride. Emmanuel is keen on exploring writing angles in different areas, including Business, climate change, politics, Education, and others.
