President Bola Tinubu admitted that cutting back on petroleum subsidies was a difficult but vital choice that would keep Nigeria from going bankrupt.
During the opening plenary of the Special World Economic Forum in Riyadh, Saudi Arabia, he stated that while most citizens were expected to be affected by the action, the government had also taken steps to lessen the hardship.
“Together, I know it is not easy for Nigeria. We are immensely consistent with the belief that economic collaboration and inclusiveness are necessary to gain stability in the rest of the world,” Bola Tinubu said, in response to a question, as reported by Zawya.
“Concerning the question of the subsidy removal, there is no doubt that it was a necessary action for my country not to go bankrupt and to reset the economy and the pathway to growth. It was going to be difficult, but the hallmark of leadership is making difficult decisions. At this time, it ought to be taken decisively. That was necessary for the country. Yes, there have been drawbacks. Yes, there was the expectation that the difficulty would be felt by a greater number of people,” he added further.
“But, of course, I believed it was their interest that was the focus of the government. It is easier to manage and explain the difficulties. But along the line, there was a parallel arrangement to cushion the effect of the subsidy removal on the vulnerable population of the country. We shared the pain across the board. We cannot but include those who are very vulnerable,” Bola Tinubu noted.
President Bola Tinubu expressed his happiness over Nigeria’s youthful population, which he believes is full of energy and determined to use technology and education to take control of their own destiny.
He emphasised that the government is committed to staying focused on its current course and stated that it has been able to show transparency in the management of the country’s affairs.