President Bola Ahmed Tinubu on Wednesday defended his decision to remove fuel subsidies, describing it as a tough but necessary step to rescue Nigeria’s economy.
Lens News reports that Tinubu made the remarks in his 65th Independence Day national address, stressing that his administration inherited a near-collapsed economy and could not continue with unsustainable subsidy payments.
He argued that fuel subsidies and multiple exchange rate systems only enriched a privileged few while draining public resources. According to him, the removal creates room to redirect funds into education, healthcare, security, agriculture, and infrastructure.
The president admitted that the reforms have caused “temporary pains” but insisted that keeping the subsidy would have pushed the country further into economic crisis.
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