“I have no regret removing fuel subsidy,” – Tinubu

Nigerian President, Asiwaju Bola Tinubu has reaffirmed his unwavering commitment to the removal of fuel subsidies, describing the decision as crucial for the country’s long-term economic stability.

,,,,,,,,,,The president made this assertion in Lagos on Monday night during his first Presidential Media Chat, where he addressed a wide range of issues, including economic reforms and social challenges.

Speaking on the subsidy removal, Tinubu stressed that the decision was motivated by a desire to secure a sustainable future for the nation.

—-_——-“I do not have any regret removing the subsidy. We cannot spend our future generations’ investments. We must manage, and management is the issue,” the president declared.

……_______In his inaugural address on May 29, 2023, President Tinubu had announced the withdrawal of fuel subsidies, citing the absence of provisions for it in the 2023 appropriation act.

_______Expounding on the rationale behind his decision, Tinubu criticized the previous subsidy regime as unsustainable, pointing out its reliance on excessive expenditure without corresponding revenue.

……..“We were deceiving ourselves and not investing. Why should you have expenditures that you do not have revenue for?” he questioned.