President Bola Ahmed Tinubu has reiterated his administration’s commitment to the removal of the petrol subsidy, describing it as an essential reform to safeguard Nigeria’s economic prospects. Speaking during his first Presidential Media Chat on Monday (December 23, 2024), Tinubu said the decision was unavoidable and driven by the urgent need to reposition the nation’s financial priorities.
In a candid assessment, the president explained that the subsidy had become a significant drain on the nation’s resources, undermining opportunities for sustainable investments. “Nigeria was spending its future and not investing,” Tinubu stated. “We were spending the fortune of our future generations. We were just deceiving ourselves. That reform was necessary. Why should you have expenditures that we don’t have revenue for?”
He emphasized the importance of financial discipline in managing the country’s resources, arguing that the subsidy’s removal would redirect funds toward critical sectors that would generate long-term benefits for the economy. Tinubu also criticized what he described as Nigeria’s role as a “Father Christmas” to neighboring countries, saying subsidized petrol had been exploited beyond the nation’s borders.
“We should teach management in all our programmes. We have to manage our resources. There is no way you give out fuel and allow all the entire neighbouring countries as Father Christmas,” he noted.
The president asserted that he harbored no regrets about the policy, emphasizing its necessity despite its initial challenges. “I don’t have regret whatsoever removing the subsidy. It is necessary. We cannot spend our future generation investments upfront,” he declared.
Tinubu’s comments come amid widespread debates about the subsidy removal’s impact on Nigerians, with many grappling with rising fuel prices and an increasing cost of living. Critics argue that the policy has exacerbated hardship for citizens, while advocates maintain that it is a bold step toward fiscal stability and economic reform.
Despite the public outcry, Tinubu defended the policy as a vital measure to address systemic inefficiencies and redirect funds toward critical investments in infrastructure, education, and healthcare. “This is about laying the foundation for a stronger, self-sustaining economy,” he said.
The subsidy removal, which was announced shortly after Tinubu assumed office in May, has been a defining policy of his administration. While it has sparked mixed reactions, the president insists it is part of a broader plan to implement structural reforms that will ultimately benefit the country.
Tinubu urged Nigerians to support the government’s vision for a sustainable economic future, expressing confidence in the long-term benefits of the controversial decision.
