Fuel subsidies were eliminated, according to President Bola Tinubu, because it was best for Nigeria.
He said that the choice had to be made so as to avoid sending the country into bankruptcy.
He emphasized that the government believes that inclusivity and economic cooperation with other countries may promote stability on the international scene.
During a panel discussion on global collaboration, growth, and energy for development on Sunday at the World Economic Forum being held in Riyadh, Saudi Arabia, Tinubu made these remarks.
“For Nigeria, we are highly consistent with the belief that economic cooperation and inclusivity are essential to fostering stability in the rest of the world,” he stated.
“With regard to the issue of the removal of subsidies, there is no doubt that it was a necessary step to reset the economy and pathway to growth and prevent my country from going bankrupt.”
During his inauguration on May 29, 2023, Tinubu told the populace that he was determined to cease gasoline subsidy payments, stating that the “subsidy is gone.”
