President Bola Tinubu has emphasized the necessity of removing the fuel subsidy to prevent Nigeria from going bankrupt, while speaking as a panellist at the World Economic Forum in Riyadh, Saudi Arabia. The forum, which brings together global leaders and experts, focuses on promoting global collaboration, growth, and energy for development.
Tinubu reiterated that the subsidy removal was a crucial decision to reset the economy and pave the way for sustainable growth. He acknowledged that it would be difficult, but leadership requires taking tough decisions when necessary. “The hallmark of leadership is taking difficult decisions at the time it ought to be taken decisively,” he said. He expressed confidence that the decision served the people’s best interests, despite the initial challenges.
To mitigate the effects of the subsidy removal on vulnerable populations, Tinubu revealed that parallel arrangements are being made to cushion the impact. “We are working on a comprehensive social protection program to support the most vulnerable segments of our society,” he said. He emphasized the importance of sharing the pain across the board and including vulnerable groups in the solution.
Tinubu highlighted Nigeria’s youthful population as a significant asset, noting their interest in technology, education, and growth. “We have a vibrant and dynamic youth population that is eager to contribute to the country’s development,” he said. He expressed optimism about managing the economic drawbacks and fallout from the subsidy removal, citing the country’s potential for growth and innovation.
The President emphasized that the subsidy removal promotes accountability, transparency, and fiscal discipline in the country. He stressed the need to focus on the nation’s direction and manage the exchange rate to enable the Naira to compete effectively with global currencies. This aims to eliminate artificial value elements, promote transparency, and curb corruption. “We are committed to creating a stable and predictable economic environment that attracts investment and promotes growth,” he said.
Tinubu credited the government’s preparedness for inclusive governance and efficient communication with the public for effectively managing these challenges. He reaffirmed his commitment to leading Nigeria towards economic stability and growth, and expressed confidence in the country’s ability to overcome the current challenges and emerge stronger.