Tinubu: No Regrets Over Fuel Subsidy Removal

 

President Bola Tinubu has defended his administration’s decision to remove the fuel subsidy, calling it a crucial reform necessary for safeguarding Nigeria’s economic future.

During his inaugural Presidential Media Chat on Monday night, Tinubu maintained, “I have no regrets whatsoever removing subsidies. It was a necessary step.”

The President explained that the subsidy regime was unsustainable, describing it as akin to mortgaging the nation’s future for temporary relief.

“We were not investing; we were deceiving ourselves. The reform was inevitable. We cannot sustain expenditures without corresponding revenue,” Tinubu asserted.

He emphasized the importance of fiscal discipline and urged Nigerians to adopt prudent financial practices.

“Cut your coat according to your size,” he advised. “We had no choice but to pull the handbrake—not just for this generation but for our children and grandchildren.”

Addressing Challenges and Smuggling

Tinubu acknowledged the economic challenges resulting from subsidy removal and highlighted the resistance posed by smugglers.

“I can see smugglers fighting back,” he noted, stressing the need for strict enforcement and structural reforms to combat illegal activities undermining the economy.

The President affirmed his administration’s commitment to making tough decisions to stabilize the economy. “No matter how you phase it, the bill still has to be paid,” he said.

Condolences Over Stampede Tragedies

Turning to recent stampedes at charity events, which led to multiple casualties, Tinubu extended his condolences to the affected families. A long-time philanthropist himself, the President called for improved organisation and planning in such events.

“It’s tragic when people are not respected or are put in harm’s way at charity events. If you don’t have enough to give, don’t publicize it,” he cautioned.

Tinubu urged event organizers to prioritize safety, ensure crowd management, and prevent similar incidents in the future.