President Bola Tinubu has defended his administration’s decision to remove the fuel subsidy, describing it as a necessary reform to safeguard Nigeria’s economic future.
Speaking during his first presidential media chat on Monday night, Tinubu expressed his resolve, stating, “I have no regrets whatever removing subsidies. It was necessary.”
The President explained that the subsidy regime was unsustainable, likening it to mortgaging the future of the country for present consumption.
“We were not investing; we were just deceiving ourselves. The reform was necessary. We cannot have expenditures we don’t have revenue for,” Tinubu said.
He further emphasised the importance of fiscal discipline, urging Nigerians to adopt better financial management practices.
“Cut your coat according to your size,” he advised, adding, “We had no choice but to pull the handbrake—not just for us, but for our children and grandchildren.”
The President also acknowledged the challenges arising from the subsidy removal, including resistance from smugglers.