Again, President Bola Ahmed Tinubu stoutly defended his administration’s decision to remove the fuel subsidy on inauguration day, describing it as a necessity to safeguard the nation’s economic future.
Tinubu who maintained his on oil subsidy policy during his maiden presidential media chat on Monday night, Tinubu expressed his conviction on the matter, saying resolve, “I have no regrets whatever removing subsidies. It was necessary.”
He reiterated that the subsidy regime was unsustainable, saying keeping it is akin to to mortgaging the future of the country for present consumption.
Tinubu said, “We were not investing; we were just deceiving ourselves. The reform was necessary. We cannot have expenditures we don’t have revenue for.”
He further emphasised the importance of fiscal discipline, urging Nigerians to adopt better financial management practices.
“Cut your coat according to your size,” he advised, adding, “We had no choice but to pull the handbrake—not just for us, but for our children and grandchildren.”
The President also acknowledged the challenges arising from the subsidy removal, including resistance from smugglers.
“I can see smugglers fighting back,” Tinubu remarked, emphasising the need for strict enforcement and structural reforms.
He reiterated his administration’s commitment to making tough but necessary decisions to stabilise the economy, asserting, “No matter how you phase it, you still have to meet the bill.”
Addressing a recent stampede incidents at a charity events that led to multiple casualties, the President extended his condolences to the families of the victims. Tinubu, who has a history of philanthropy spanning 25 years, lamented the tragedies, calling for better organisation and contingency planning in such events.
“It is sad that people are not respected or are abused in situations like this. If you don’t have enough to give, don’t publicise it,” he said.
He urged organisers to prioritise safety and ensure proper crowd management to prevent future occurrences.
