President Bola Tinubu has reaffirmed his stance on the removal of fuel subsidy, stating that he has no regrets about the decision, which he described as essential for safeguarding Nigeria’s financial future.
Speaking on Monday during a live presidential media chat broadcast nationwide, Tinubu explained that the subsidy had been depleting the country’s resources and undermining long-term investments.
“We were spending away our future and our generation’s wealth without investing. It was self-deception,” the President said. “Why should we have expenditures when we lack the revenues to back them? I have no regrets removing the fuel subsidy. We cannot squander our generational investments.
“We had no choice. Without this decision, we were heading for a financial disaster, not just for us but for our children as well,” he added.
Addressing the recent palliative stampedes in some parts of the country, which led to the loss of lives, Tinubu attributed the incidents to poor organization.
“It is deeply saddening that these tragedies occurred due to a lack of proper planning. We need to be more disciplined as a nation. My heartfelt condolences go out to those who lost their loved ones,” the President said.
