President Tinubu defends fuel subsidy removal, cites economic necessity, global stability

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In a keynote address at the World Economic Forum in Riyadh, Saudi Arabia, President Bola Tinubu vehemently defended his administration’s decision to remove fuel subsidies, citing the need to prevent Nigeria’s economic collapse. The President emphasized the importance of economic collaboration and inclusiveness among nations to drive global stability, underscoring Nigeria’s commitment to this principle.

During the panel session focused on Global Collaboration, Growth, and Energy for Development, Tinubu reiterated that the fuel subsidy removal was a necessary measure to prevent the country from plunging into bankruptcy. He stressed that Nigeria’s economic stability is crucial for regional and global prosperity.

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He said, “For Nigeria, we are immensely consistent with belief that the economic collaboration and inclusiveness are necessary to engender stability in the rest of the world.

“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.”

By removing the fuel subsidy, Tinubu’s administration aims to redirect resources towards critical sectors such as education, healthcare, and infrastructure development. This move is seen as a bold step towards economic reform and fiscal responsibility, aligning with the global trend of reducing inefficient subsidies.

Tinubu’s emphasis on economic collaboration and inclusiveness highlights Nigeria’s commitment to multilateralism and cooperation. As a key player in regional and global affairs, Nigeria recognizes the interdependence of nations and the need for collective action to address shared challenges.

The President’s address at the World Economic Forum underscores his administration’s resolve to drive economic growth, stability, and development, both domestically and internationally. As Nigeria navigates the complexities of economic reform, its leadership on the global stage is crucial for promoting cooperation and collective progress.