Tinubu explains why the removal of fuel subsidies was necessary for Nigeria

Tinubu said the decision of his administration to discontinue fuel subsidy payments was in the interest of the people. He stated this while speaking at the Special World Economic Forum in Riyadh, Saudi Arabia on Sunday, April 28.

As reported, however he admitted that the policy came with economic pains. “Concerning the question of the subsidy removal, there is no doubt that it was a necessary action for my country not to go bankrupt, to reset the economy and pathway to growth.”

He added that fuel subsidy removal would save the government funds for infrastructural expansion. Tinubu revealed that his government implemented parallel arrangements to cushion the impact on vulnerable citizens after the decision made the value of the Naira unstable and heaped hardship on Nigerians as food prices soared.