I don’t regret the removal of fuel subsidies, says Tinubu

President Bola Tinubu says he has no regrets about removing fuel subsidies.

During his inaugural address on May 29, 2023, Tinubu announced the removal of the gasoline subsidy.

However, the cost of living and inflation soared after the subsidy was removed, with the price of petrol increasing from N190 to over N900 per litre.

Speaking in his first presidential chat with the media on Monday, the President said: “Nigeria was spending its future and not investing.”

“We were spending the fortune of our future generations; we weren’t investing,” he said.

“We were just wrong. This reform was necessary. Why should you incur expenses for which we have no income?

“We should teach management in all our programs, we must manage our resources.

“It’s not about handing out fuel and allowing all neighboring countries to become Santa Claus. I have no regrets about removing the grant. It’s necessary.

“We cannot spend our investments on future generations straight away. »

Defending the president’s action, Mohammed Idris, Minister of Information and National Guidance, said the economy would have been worse if gasoline subsidies had not been removed.

In October, Wale Edun, Minister of Finance and Coordinating Minister for the Economy, said oil subsidies cost Nigeria about five percent of its gross domestic product (GDP).

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