Nigeria would have gone bankrupt if I didn't remove fuel subsidy - Tinubu

President Bola Tinubu has continued to defend his administration's decision to end the fuel subsidy regime, claiming continuing the policy would have plunged the nation into bankruptcy.

During his inaugural speech on May 29, 2023, Tinubu announced the removal of subsidy on petrol with the popular “subsidy is gone” speech.

Following the decision, petrol pump prices jumped astronomically from ₦180 to over ₦600, which triggered an increase in the prices of commodities at an alarming rate.

The development inflicted further hardship on the citizens, which made some critics of the President condemn the subsidy removal as a hasty policy not well thought out.

Tinubu defends subsidy removal

But speaking as one of the panelists at the ongoing World Economic Forum (WEF) in Riyadh, Saudi Arabia on Sunday, April 28, 2024, Tinubu insisted that fuel subsidy removal was necessary to save the nation from bankruptcy

“For Nigeria, we are immensely consistent with belief that the economic collaboration and inclusiveness is necessary to engender stability in the rest of the world.

“Concerning the question of the subsidy removal, there is no doubt that it was a necessary action for my country not to go bankrupt, to reset the economy and pathway to growth,” Tinubu said.

The President also admitted that his decision has brought untold difficulty to Nigerians but said he was convinced it was in the best interest of the people.

“It is going to be difficult, but the hallmark of leadership is taking difficult decision at the time it ought to be taken decisively. That was necessary for the country. Yes, there will be blowback, there is expectation that the difficulty in it will be felt by greater number of the people, but once I believe it is their interest that is the focus of the government, it is easier to manage and explain the difficulties.

“Along the line, there is a parallel arrangement to really cushion the effect of the subsidy removal on the vulnerable population of the country. We share the pain across board, we cannot but include those who are vulnerable.

“Luckily, we have a very vibrant youthful population interested in discoveries by themselves and they are highly ready for technology, good education committed to growth. We are able to manage that and partition the economic drawback and the fallout of subsidy removal,” he added.