President Bola Tinubu says his administration’s removal of fuel subsidy was in the best interest of Nigeria.

President Bola Tinubu has said that his administration’s removal of the fuel subsidy was in the best interest of Nigeria, saying it was necessary not to plunge the country into bankruptcy.

He stressed the country’s belief in economic collaboration and inclusiveness among other nations to drive stability on the global stage.

Tinubu stated these during a panel session at the ongoing World Economic Forum in Riyadh, Saudi Arabia, this Sunday, which focuses on Global Collaboration, Growth, and Energy for Development.

Tinubu, on his inauguration on May 29, 2023, declared to the citizens his resolve to stop the payment of the fuel subsidy, saying subsidy is gone.

The subsidy, which the Federal Government used to help the citizens ameliorate the payment for fuel purchases at higher prices, later became a sort of nightmare for the populace as it had partly contributed to the exorbitant prices of commodities in the market, especially food items, transportation costs, among others.

This sparked tense reactions and calls from Nigerians and concerned stakeholders like the Organised Labour Union as well as opposition figures and the international community on the dire consequences that had affected the standard of living of the populace.

However, the President had admitted in his New Year message on January 1, 2024, that even though it was a tough decision to pronounce the removal of the fuel subsidy, its payments by the FG were an “unsustainable financial burden” on the country.