President Tinubu Defends Subsidy Removal, Promises Better Energy Security for Nigeria

President Bola Tinubu has defended the decision of his administration to end the fuel subsidy regime in Nigeria, stating that the move was necessary for the growth and development of the country.

Speaking at the opening of the 2024 Nigeria International Energy Summit (NIES) in Abuja, the President acknowledged that the decision has led to hardship for many Nigerians, particularly low-income earners.

However, he assured that the hardship is temporary and the country and its citizens would reap the benefits of the policy.

According to President Tinubu, the fuel subsidy had to go because it was causing a strain on the economy, leading to inefficiencies and hindering Nigeria’s ability to invest in critical areas of energy security.

With the removal of the subsidy, the government can now channel resources to other developmental areas and encourage further private sector participation in the energy industry, leading to more investments.

The President emphasized that the removal of the subsidy has created a more transparent and accountable energy sector, and the funds previously allocated to subsidizing petroleum products can now be redirected towards developing and upgrading the country’s energy and social infrastructure.

In response to the impact on ordinary Nigerians, President Tinubu said that the decision was not an easy one but necessary for the long-term energy security and economic prosperity of the nation.

He assured that in parallel with the subsidy removal, his administration is committed to implementing social intervention programs to mitigate the short-term effects on vulnerable populations.

President Tinubu called upon all stakeholders, including industry experts, policymakers, and the general public, to engage in constructive dialogue and collaboration as Nigeria navigates these challenging but transformative times.

He stressed that by working together, Nigeria can build a resilient and sustainable energy future.