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President Bola Tinubu has defended his administration’s decision to remove the fuel subsidy, stating that it was a necessary action to prevent the country from going bankrupt.
The President made these remarks during a panel session at the ongoing World Economic Forum in Riyadh, Saudi Arabia.
The decision, announced on the day of Tinubu’s inauguration, was met with mixed reactions as it led to an increase in the prices of commodities and heightened the hardship in the country.
Despite this, Tinubu insisted that the removal was essential to reset the economy and pave the way for growth.
Tinubu acknowledged the difficulty associated with the decision but emphasized that leadership is about making tough decisions at the right time.
He stated that while the removal of the subsidy would indeed cause hardship for many, it was in the best interest of the people.
To mitigate the impact of the subsidy removal on the vulnerable population, the government has put in place measures to cushion the effect.
This includes focusing on the nation’s vibrant youth population and their interest in technology and education, which can contribute to the country’s growth.
Furthermore, the President highlighted the importance of currency management, stating that allowing the Naira to compete with other world currencies and removing artificial elements of value would help eliminate arbitrage, corruption, and opaqueness.
The World Economic Forum in Riyadh, focusing on Global Collaboration, Growth, and Energy for Development, provided a platform for President Tinubu to articulate his vision for Nigeria’s economic future.
By addressing the challenges posed by the fuel subsidy removal and currency management, he aims to foster accountability, transparency, and discipline in the country.
President Bola Tinubu’s decision to remove the fuel subsidy and manage the nation’s currency is a clear indication of his commitment to addressing Nigeria’s economic challenges head-on.
As the country navigates this difficult period, the focus on inclusivity in governance and rapid communication with the public will be crucial in ensuring a successful economic reset.
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