President Bola Tinubu has reaffirmed his commitment to the removal of fuel subsidy, stating that the decision was necessary for the country’s long-term economic health.
The president said this in Lagos during his first Presidential Media Chat, while addressing various issues, including economic reforms and social challenges.
Speaking about the removal of fuel subsidy, President Tinubu emphasized that it was a decision driven by the need to secure the country’s future.
“I do not have any regret removing the subsidy. We cannot spend our future generations’ investments. We must manage, and management is the issue”.
In his inaugural speech on May 29, 2023, President Tinubu declared the withdrawal of fuel subsidy, citing the absence of such provisions beyond June in the 2023 Appropriation Act.
Speaking further, Tinubu criticized the previous system, which he described as unsustainable, noting that it prioritized expenditure without corresponding revenue. “We were deceiving ourselves and not investing. Why should you have expenditures that you do not have revenue for?”
The President highlighted the importance of prudent management, urging Nigerians to adopt a culture of accountability and long-term planning for the prosperity of future generations.
(Editor: Terverr Tyav)
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