BREAKING: Subsidy removal was a necessary action, says Tinubu

Kunle Sanni

President Bola Tinubu has restated that his inaugural speech last year on the removal of petrol subsidy was a necessary action for Nigeria with the aim of preventing the nation from going into bankruptcy.

Tinubu said this on Sunday while delivering his remarks at the opening plenary of the Special World Economic Forum held Sunday in Riyadh, capital of Saudi Arabia.

Westernmost reported Friday that the President arrived in Saudi Arabia ahead of the summit.

On May 29, 2023, Tinubu declared the removal of the petrol subsidy, which caused the price of petrol to rise by about 200 per cent, from roughly N200 to over N500.

While many Nigerians and civil rights groups have applauded the President for acting quickly to remove the subsidies which have largely caused the nation billions without accountability, some have also criticised the administration for its propensity to engage in extravagant spending.

Speaking in his decision, Tinubu stated that while he acknowledged that the action was difficult, he noted that the hallmark of leadership is making difficult decisions

“At the time, it ought to be taken decisively,” the president said.

He added, “That was necessary for the country. Yes, there have been drawbacks. Yes, there was the expectation that the difficulty would be felt by a greater number of people.

“But, of course, I believed it was their interest that was the focus of the government. It is easier to manage and explain the difficulties. But along the line, there was a parallel arrangement to cushion the effect of the subsidy removal on the vulnerable population of the country.”