• Hausa Edition
  • Podcast
  • Conferences
  • LeVogue Magazine
  • Business News
  • Print Advert Rates
  • Online Advert Rates
  • Contact Us
Monday, June 30, 2025
Leadership Newspapers
Read in Hausa
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us
No Result
View All Result
Leadership Newspapers
No Result
View All Result

Petrol Subsidy Removal Challenging But For Long-term Energy Security – Tinubu

by Leadership News
1 year ago
in Business
A gas station attendant pumps fuel into a customer's car at the NNPC Mega petrol station in Abuja, Nigeria March 19, 2020. REUTERS/Afolabi Sotunde

A gas station attendant pumps fuel into a customer's car at the NNPC Mega petrol station in Abuja, Nigeria March 19, 2020. REUTERS/Afolabi Sotunde

Share on WhatsAppShare on FacebookShare on XTelegram

President Bola Tinubu has said the decision to remove petroleum subsidy was a challenging one, but a necessary step to secure long term energy security and foster economic growth for the country.
The president said this while officially opening the 7th edition of the Nigeria International Energy Summit (NIES 2024) at the State Banquet Hall, Abuja, yesterday.

Advertisement

The summit has as its theme, “Navigating the New Energy World Order: Security, Transition, and Finance.”
Tinubu said to mitigate short-term effects of petroleum subsidy removal on the vulnerable population, his administration was committed to implementing social intervention programmes.
Tinubu, represented by the minister of Information and National Orientation, Mohammed Idris Malagi, said the petroleum subsidy had over the years strained Nigeria’s economic resources.
This, he said, led to inefficiencies and hindered investment in critical areas of energy security.
“By removing the subsidy, we are creating a more transparent and accountable energy sector.
“The funds that were previously allocated to subsidising petroleum products are now redirected towards developing and upgrading our energy and other social infrastructure.
“Furthermore, subsidy removal has encouraged further private sector participation in the energy industry with potential of attracting more local and international investors, innovation and competition in the sector.

“I am very aware of the immediate impact this decision may have had on our citizens, especially those with lower incomes.
“Therefore, in parallel with the subsidy removal, my administration is committed to implementing social intervention programmes to mitigate the short-term effects on vulnerable populations,” he said.
These programmes, he said, would ensure that the burden of the subsidy removal was shared equitably and that the most vulnerable Nigerians were protected.
The president thanked the organisers of the summit for the opportunity to once again address the subsidy removal, which he said was a crucial issue that had been in the forefront of Nigeria’s national discourse.
“Our great nation has long been dependent on the revenue generated from oil exports, and as we stand at the crossroads of the 21st century, it is imperative that we re-evaluate our energy policies to ensure a sustainable future,” he said.

However, he urged all stakeholders, including industry experts, policymakers and the general public to engage in constructive dialogue and collaboration, while navigating these challenging but transformative times.
He thanked everyone who contributed to the success of the summit, adding that it reflected a shared commitment to addressing the challenges and opportunities ahead in the dynamic and ever-evolving world of energy.
“This marks the first edition of NIES during my administration, and I am honoured to stand before you as we collectively chart a course for the sustainable and secure energy future of Nigeria.
“Energy security, as we know, is of paramount importance. It is not just a national concern; it is a global imperative.

“In the face of emerging challenges, both geopolitical and technological, we must ensure the resilience of our energy infrastructure.
“The decisions we make today will impact the energy security of generations to come,” he added.
He emphasised leveraging innovation and collaboration to ensure a smooth and just transition that would leave no one behind.
“As a nation, we must explore innovative financing models, engage with the private sector, and attract investments that will propel us towards a more resilient and diversified energy sector,” he said.
The summit is holding from Feb. 26 to March 1, and has in attendance more than 6,000 foreign and local oil and gas industry players, regulators and investors.

RELATED

Deploying AI Will Not Cause Job Loss In Nigeria – Expert

Expert Introduces Lightweight AI-based System For Early Aviation Failure Detection

10 hours ago
FirstBank Customers Get N93m In ‘Win Big Promo’

FirstBank Launches Facial Recognition On Mobile App

10 hours ago

We’ve got the edge. Get real-time reports, breaking scoops, and exclusive angles delivered straight to your phone. Don’t settle for stale news. Join LEADERSHIP NEWS on WhatsApp for 24/7 updates →

Join Our WhatsApp Channel

BREAKING NEWS: Nigerians can now earn US Dollars from the comfort of their homes with Ultra-Premium domains, acquire them for as low as $1700 and profit as much as $25,000. Click here to learn how you can earn US Dollars consistently.


Tags: Petrol Subsidy
SendShareTweetShare
Previous Post

CBN Unveils Aggressive Monetary Overhaul

Next Post

Goldman Sachs Sees Brent Oil Prices At $87/Barrel

Leadership News

Leadership News

You May Like

Deploying AI Will Not Cause Job Loss In Nigeria – Expert
Business

Expert Introduces Lightweight AI-based System For Early Aviation Failure Detection

2025/06/30
FirstBank Customers Get N93m In ‘Win Big Promo’
Business

FirstBank Launches Facial Recognition On Mobile App

2025/06/30
Group To Drive Africa’s Tech-led Industrial Revolution, Offers Tips To Unlock $450bn Intra-African Trade
Business

Group To Drive Africa’s Tech-led Industrial Revolution, Offers Tips To Unlock $450bn Intra-African Trade

2025/06/30
Oilserv Targets December Completion Of 303km As AKK Pipeline Crosses River Niger
Business

Oilserv Targets December Completion Of 303km As AKK Pipeline Crosses River Niger

2025/06/30
Council Targets Accelerated Sugar Project Devt In 2025
Business

Poor Backward Integration Programme Performance To Cost Sugar Firms Import Quotas

2025/06/30
Bbb+ Rating
Business

TAJBank Sustains Industry Feat, Pays 3rd Dividend In 5 Years

2025/06/30
Leadership Conference advertisement

LATEST

Court Jails Cab Driver For Unlawful Trafficking Of 12 Live Parrots

Jega Harps On Modernisation Of Nigeria’s Livestock Sector

Minister Inaugurates 11-man NPA Governing Board

Navy Arrests Suspected Militant With Firearm In Bayelsa

Police Nab ‘One Chance’, Kidnap Syndicates In Delta

APC Fixes July 24 For NEC Meeting To Pick New National Chairman

Armed Robber Dies After Failed Attack On Kano Household

Man Dies, Woman Rescued In Kano Well Accidents

YEIDEP Launches $2.5bn Global Donorship Drive To Empower Youths, Women

Bauchi Gov Donates N200m To Windstorm Victims

© 2025 Leadership Media Group - All Rights Reserved.

No Result
View All Result
  • Home
  • News
  • Politics
  • Business
  • Sport
  • Health
  • Entertainment
  • Opinion
    • Editorial
  • Columns
  • Football
  • Others
    • LeVogue Magazine
    • Conferences
    • National Economy
  • Contact Us

© 2025 Leadership Media Group - All Rights Reserved.