President Bola Tinubu has reaffirmed his administration’s commitment to the removal of fuel subsidy, emphasizing that the decision was crucial to securing Nigeria’s economic stability and future.
“We cannot spend the future generation’s investments upfront,” Tinubu said during a media broadcast on Monday.
The President highlighted the urgent need to implement tough economic reforms, including the subsidy removal, to avert financial ruin and redirect resources to critical sectors such as infrastructure and social programs.
“If we don’t act decisively, we risk heading down a slippery slope that could lead to financial ruin—not just for ourselves, but for our children and grandchildren,” he added.
Acknowledging the challenges posed by the decision, Tinubu maintained that there was no alternative to addressing Nigeria’s financial realities.
“This is not about fear or hesitation. It’s about doing what is necessary,” he said.
He further noted that the subsidy disproportionately benefited neighboring countries and drained Nigeria’s revenue base.
“You have expenditures, but we don’t have the revenue. I have no regrets whatsoever about removing the subsidy. It is necessary,” Tinubu stressed.
The President called for collective effort and prudence to navigate the economic challenges, urging citizens to prioritize long-term gains over short-term discomforts.
“Cut your coat according to your size. We have no choice but to address the issue now. Otherwise, we are headed for a slippery slope that could lead to financial disaster—not just for the road, but for our children and grandchildren. Where is the pathway to prosperity?” Tinubu concluded.
