President Bola Tinubu has reiterated the significance of his administration’s removal of fuel subsidy, stressing its necesary role in preventing Nigeria from plunging into financial turmoil. During his inauguration, Tinubu originally declared the removal of the subsidy, affirming definitively that “subsidy is gone.”
However, the subsidy removal led to a notable increase in commodity prices, exacerbating the already difficult circumstances for Nigerians. Critics lambasted the subsidy removal, contending that it was not a thoroughly considered policy move.
At the World Economic Forum in Riyadh, Tinubu defended removing the petrol subsidy, crucial for economic reform and growth. Acknowledging hardships, Tinubu recognized Nigerians’ reliance on subsidized petrol, emphasizing economic restructuring’s necessity. His stance at the forum emphasized bold measures to drive economic progress and address longstanding challenges.
Tinubu emphasized the government’s initiatives to alleviate the adverse impacts of the subsidy removal on vulnerable demographics through parallel arrangements. He stressed the necessity of collective responsibility and inclusivity in confronting the economic challenges stemming from the policy shift.
Furthermore, Tinubu defended the exchange rate unification policy, affirming that effective management of the nation’s currency was crucial for bolstering its competitiveness on the global stage. He emphasized the imperative to eliminate artificial elements influencing the value of the Naira, advocating for transparency and accountability in currency management.
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