Bola Tinubu has insisted that his administration’s decision to remove fuel subsidy was very necessary to prevent the country from going bankrupt.
Recall that Tinubu announced the removal of subsidy on petrol the day he was inaugurated into office with the popular “subsidy is gone” speech.
The action, however, made prices of commodities to rise through the roof, increasing hardship in the country which has made some of his critics condemn the subsidy removal as a policy not well thought out.
But speaking as one of the panelists at the ongoing World Economic Forum in Riyadh, Saudi Arabia this morning, Tinubu justified the petrol subsidy removal, maintaining that it was needed to reset the economy.
In his words, “Concerning the question of the subsidy removal, there is no doubt that it was a necessary action for my country not to go bankrupt, to reset the economy and pathway to growth.”
