President Bola Ahmed Tinubu has defended his decision to remove the fuel subsidy shortly after assuming office on May 29, 2023. During his first presidential media chat on Monday, Tinubu stated that he does not regret the decision, emphasizing that it was made with the long-term interests of Nigeria in mind. He stressed that the reform was essential for securing the nation’s future and that of generations to come.
Addressing concerns about the removal of the subsidy, which has faced significant backlash across the country, Tinubu explained that Nigeria was spending its future rather than investing in it. “We were spending the fortune of our future generations, we were not investing,” he remarked. He argued that continuing the subsidy would have been unsustainable and detrimental to Nigeria’s economic future.
The president further criticized the practice of subsidizing fuel, calling it an inefficient and short-term solution to the country’s energy needs. “We were just deceiving ourselves. That reform was necessary. Why should you have expenditures that we don’t have revenue for?” Tinubu asked. He highlighted the need for financial discipline and careful management of the country’s resources to ensure long-term stability.
Tinubu also underscored the importance of resource management across all sectors, stating that the government should teach management principles in every program. “We should teach management in all our programmes, we have to manage our resources,” he said. This statement reflects his broader economic strategy of reducing wasteful spending while focusing on sustainable growth.
The removal of the fuel subsidy was one of Tinubu’s most contentious decisions, and it immediately led to rising fuel prices and widespread protests. However, the president remains firm in his belief that the move was necessary for the country’s economic well-being. “There is no way you give out fuel and allow all the entire neighbouring countries as Father Christmas. I don’t have regret whatsoever removing the subsidy. It is necessary,” Tinubu affirmed, rejecting the notion that the subsidy was an entitlement that Nigerians could not do without.
The president also dismissed calls for price controls, saying he did not believe in artificially capping prices. “I don’t believe in price control, we will work hard to supply the market,” Tinubu stated. His administration has focused on increasing domestic production and ensuring that supply chains are more robust, which he believes will stabilize prices in the long term.
