President Bola Ahmed Tinubu has stated that he has no regrets about his decision to remove the fuel subsidy.
Tinubu disclosed this during his first presidential media chat since assuming office on May 29, 2023.
It should be recalled that Tinubu discontinued petrol subsidies to redirect funds toward infrastructure development.
He said, “I don’t have any regrets removing the fuel subsidy.
“We can’t be subsidizing the entire West African sub-region. Whether we slice it in half or in bits, we still have to completely remove it.”
He also commended the Nigerian military for working tirelessly to create a peaceful environment, enabling citizens to go about their daily activities without fear of harm from unpatriotic elements in the country.
Tinubu assured that the nation was on the path to recovery but cautioned that it would be impossible to fix the country within a year.
He noted, “Two decades of wanton killings have been addressed. Today, you can travel the roads. Before now, it was impossible.
“We have more revenue being generated and distributed.
“Regardless of critics, Nigeria is on the path to recovery. We can’t finish the job in one calendar year, and I am not giving myself an excuse—it’s only been 18 months.”
The fuel subsidy, introduced in the 1970s, has been a controversial topic for many years. Although Nigeria is Africa’s largest oil producer, the nation struggles to refine enough crude oil to meet domestic demand.
As a result, Nigeria imports most of its petroleum products, which are sold at government-subsidized prices.