Tinubu Claims Nigeria Would Have Gone Bankrupt Without Fuel Subsidy Removal

President Bola Tinubu recently defended his government’s decision to stop the fuel subsidy in Nigeria.

He argued that keeping the subsidy would have caused the country to become bankrupt.

Tinubu made this announcement during his first speech as president on May 29, 2023, declaring boldly that “subsidy is gone.”

After the subsidy ended, the price of petrol skyrocketed from ₦180 to over ₦600. This sudden increase led to higher prices for goods, making life harder for citizens.

Critics accused Tinubu of making a rushed decision without proper planning.

However, speaking at the World Economic Forum in Saudi Arabia, Tinubu emphasized that removing the subsidy was crucial to prevent Nigeria from financial collapse and to pave the way for economic growth.

He acknowledged the hardships faced by Nigerians but stressed that it was necessary for the country’s future.

Tinubu assured that measures were in place to ease the burden on vulnerable citizens. He highlighted the resilience of Nigeria’s youthful population, their enthusiasm for technology and education, and their commitment to progress.

Tinubu emphasized the importance of shared sacrifice and reiterated his belief that his government’s actions were ultimately for the people’s benefit.