President Bola Ahmed Tinubu Reaffirms Stance on Fuel Subsidy Removal: No Regrets

In a candid and revealing presidential media chat held on Monday evening, President Bola Ahmed Tinubu stood firm on his decision to remove the fuel subsidy in Nigeria, asserting that he harbors no regrets over this economic policy shift. Since taking office, Tinubu has faced both praise and criticism for this bold move, but during his first televised interaction with the press, he defended his stance with conviction

Tinubu argued that the fuel subsidy was not only an economic burden but also an ineffective policy that extended benefits far beyond Nigeria’s borders. “We can’t be subsidizing the entire West Africa sub region,” he declared, emphasizing the necessity of this policy change for Nigeria’s economic health. “Either we slice it in half or bits, we still have to completely remove it,” he added, underscoring the inevitability of the decision despite its immediate hardships on the populace.

Beyond economics, Tinubu highlighted significant strides in national security, claiming that his administration has made substantial progress in curbing violence that had plagued the nation for over two decades. “Today, you can travel the roads. Before now, it was impossible,” he noted, giving credit to the military’s vigilance in addressing both internal insurgencies and external threats, which has facilitated safer travel and commerce within the country.

On the topic of fiscal management, the President spoke of the transition from the previous “ways and means” funding approach to a more disciplined financial strategy. “We have more revenue being generated and distributed,” he remarked, pointing to improved financial controls and increased government revenue as signs of progress under his administration. This shift, he argued, has been pivotal in ensuring that the government operates within its means while still meeting national obligations.

Tinubu also touched on local government autonomy, a policy he has long championed, linking it back to his tenure as Lagos State Governor where he clashed with the then-federal administration over local governance. He sees this move as a step towards grassroots empowerment, aiming to decentralize power and resources to where they are most needed.

While acknowledging the ongoing economic and social challenges, Tinubu expressed an optimistic outlook for Nigeria’s future. His media chat served not only as a platform to defend his policies but also as an opportunity to reassure the nation of his commitment to steering Nigeria towards stability and prosperity. Despite the criticisms and the immediate economic strain felt by many, President Tinubu’s message was clear: the removal of the fuel subsidy, though painful, was a necessary step towards a more sustainable economic framework for Nigeria