President Bola Ahmed Tinubu has stated that he has no regrets about his administration’s decision to remove the petrol subsidy, describing it as a necessary reform to secure Nigeria’s economic future.
Speaking during his first Presidential Media Chat on Monday, Tinubu defended the policy, saying that the subsidy was draining the country’s resources without yielding sustainable benefits.
“Nigeria was spending its future and was not investing,” he said.
“We were spending the fortune of our future generations, we were not investing. We were just deceiving ourselves. That reform was necessary. Why should you have expenditures that we don’t have revenue for?”
The president emphasized the need for prudent management of the country’s resources, calling for financial discipline and sustainable practices across all sectors.
“We should teach management in all our programmes. We have to manage our resources. There is no way you give out fuel and allow all the entire neighbouring countries as Father Christmas,” he said.
“I don’t have regret whatsoever removing the subsidy. It is necessary. We cannot spend our future generation investments upfront.”
Tinubu’s remarks come amidst ongoing debates about the impact of subsidy removal on Nigerians, with many expressing concerns about the rising cost of living.
However, the president has maintained that the policy was essential for redirecting funds toward critical investments and addressing long-term economic challenges.
