President Bola Tinubu defended the controversial removal of fuel subsidies during his participation as a panelist at the ongoing World Economic Forum in Riyadh, Saudi Arabia.
Tinubu Said that the subsidy removal was crucial to prevent Nigeria from facing bankruptcy and to reset the economy towards sustainable growth.
The decision to remove the subsidy, announced on the day of Tinubu’s inauguration into office, sparked debate and saw a surge in commodity prices, leading to increased hardship for many Nigerians.
“Inclusivity and economic collaboration are essential for stability in Nigeria and globally,” Tinubu stated, addressing concerns over the subsidy removal. He acknowledged the expected difficulties but emphasized the importance of decisive leadership in making tough decisions for the country’s future.
Speaking about the issue of exchange rate unification, Tinubu said, “The currency management was necessary equally to remove the artificial elements of value in our currency. Let our local currency find its level and compete with the rest of the world currency and remove arbitrage, corruption and opaqueness.
“That we did at the same time. That is two engine problem in a very template situation for the government, but we are able to manage that turbulence because we are prepared for inclusivity in governance and rapid communication with the public to really see what is necessary and what you must do.”
He stressed the necessity of managing the nation’s currency to compete favorably on the global stage, and how the removal of artificial elements affecting the value of the Naira is necessary to promote transparency and combat corruption.
