Fuel Subsidy Axed To Reset Nigerian Economy – Tinubu

President Bola Tinubu has defended his decision to remove fuel subsidy, calling it a “necessary action” to prevent national bankruptcy and reset the economy for growth.

In his address at the opening plenary, at the World Economic Forum in Riyadh on Sunday, Tinubu acknowledged the subsidy removal has caused difficulties and hardship for many Nigerians.

However, he insisted that bold leadership requires making tough choices in the national interest.

“There is no doubt that it was a necessary action for my country not to go bankrupt, and to reset the economy and the pathway to growth,” Tinubu stating that, “it was going to be difficult but the hallmark of leadership is making difficult decisions.”

The Nigerian leader said the government has taken parallel measures to cushion the impact on the country’s most vulnerable populations and expressed confidence in Nigeria’s vibrant, tech-savvy youth to drive economic discoveries and innovation.

Tinubu also highlighted currency reforms to establish a market-determined exchange rate, arguing this will boost competitiveness, deter corruption and improve transparency.

Looking ahead, the president emphasized that Africa needs greater capital investment in areas like agriculture, food security and technological advancement.

He welcomed Saudi Arabia’s focus on global collaboration and inclusiveness.

“The capital formation that is necessary to drive the economy must be an inclusive programme of the entire world. No one should be left behind,” Tinubu urged.

On security matters, the president said as chair of the Economic Community of West African States (ECOWAS), he is exerting Nigeria’s influence to discourage unconstitutional government changes and ease sanctions to promote trade over conflict.

The Nigerian leader further challenged world powers to address the root causes of poverty and instability in the Sahel region and West Africa through investment in economic opportunities and natural resources.