Recall that Tinubu announced the removal of
subsidy on petrol the day he was inaugurated into office.
The policy, however, saw prices of commodities spike,
leading to increased hardship in the country.
“For Nigeria, we are immensely consistent with belief that the
economic collaboration and inclusiveness is necessary to engender stability in
the rest of the world.
“Concerning the question of the subsidy removal, there is no
doubt that it was a necessary action for my country not to go bankrupt, to
reset the economy and pathway to growth,” Tinubu said.
Tinubu added that he was convinced the decision was in the
best interest of the people.
He said, “It is going to be difficult, but the hallmark of
leadership is taking difficult decision at the time it ought to be taken
decisively. That was necessary for the country.
“Yes, there will be blowback, there is expectation that the
difficulty in it will be felt by greater number of the people, but once I
believe it is their interest that is the focus of the government, it is easier
to manage and explain the difficulties.
“Along the line, there is a parallel arrangement to really
cushion the effect of the subsidy removal on the vulnerable population of the
country. We share the pain across board, we cannot but include those who are
vulnerable.
“Luckily, we have a very vibrant youthful population
interested in discoveries by themselves and they are highly ready for
technology, good education committed to growth.
“We are able to manage that and partition the economic
drawback and the fallout of subsidy removal.”
According to him, the fuel subsidy removal equally
engendered accountability, transparency and physical discipline for the
country.
