President Bola Tinubu has justified the removal of petroleum subsidy, saying it was a difficult but necessary decision to save Nigeria from bankruptcy.
News About Nigeria reports that Tinubu remarked while speaking at the Special World Economic Forum in Riyadh on Sunday.
Tinubu acknowledged that the majority of citizens would feel the impact, but the government had provided measures to alleviate the hardship.
He said, “Ending subsidy was a tough decision, but necessary to reset the economy and the pathway to growth. It was going to be difficult, but leadership is about making tough decisions. We shared the pain across the board and included the vulnerable population.”
Tinubu expressed delight in Nigeria’s vibrant youth population and the government’s commitment to transparency and accountability.
He emphasised the importance of collaboration and inclusiveness in driving economic growth and stability.
The president also called for action-backed talks, saying, “Forums like this are valuable for sharing experiences, but we must go beyond talks and take action. We must collaborate to drive economic growth and stability.”
He highlighted the need for capital formation in areas like agriculture, food security, innovation, and technological advancement, and encouraged the world to pay attention to the Sahel region and ECOWAS countries.
Tinubu said, “We are encouraging the entire world to pay attention to the Sahel and the other countries around us. As the chairman of the ECOWAS, I have wielded the big influence of Nigeria to discourage an unconstitutional change of government. That is, stabilise.
“Equally, we have eased the sanctions. We need to trade with one another, not fight each other. It is very, very necessary and compulsory for us to engender growth, stability, and economic prosperity for our people.
“The rest of the world needs to look at the fundamentals of the problem—not just ordinary geopolitically, but it has to go to the root.
“Has the world paid attention to the poverty level of Sahel and the rest of ECOWAS? Have they helped with the infusion of capital and paid adequate attention to the exploitation and opportunities availed by the mineral resources available?
“Are we going to play a big brother’s role in a talk shop without necessary action? We just have to be involved in the exploitation, promotion, and prosperity of that region in order to see peace, stability, and economic growth.”
Tinubu arrived in Riyadh, Saudi Arabia on Friday night. Prior to his arrival in Saudi Arabia, President Tinubu concluded a state visit to the Kingdom of the Netherlands, where he met with Dutch Prime Minister Mark Rutte and businessmen and investors.
