Removal of fuel subsidy necessary to reset Nigeria’s economy – Tinubu

President Bola Tinubu says the removal of fuel subsidy was needed to reset Nigeria’s economy.

Tinubu made the statement while speaking as one of the panelists at the ongoing World Economic Forum in Riyadh, Saudi Arabia, on Sunday.

The World Economic Forum meeting focuses on Global Collaboration, Growth and Energy for Development.

The President said the subsidy was removed to prevent Nigeria from going bankrupt.

Tinubu announced the removal of subsidy on petrol the day he was inaugurated into office.

The policy, however, saw prices of commodities spike, leading to increased hardship in the country.

“For Nigeria, we are immensely consistent with belief that the economic collaboration and inclusiveness is necessary to engender stability in the rest of the world.

“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,” Tinubu said.

Tinubu added that he was convinced the decision was in the best interest of the people.

He said, “It is going to be difficult, but the hallmark of leadership is taking difficult decision at the time it ought to be taken decisively. That was necessary for the country.

“Yes, there will be blowback, there is expectation that the difficulty in it will be felt by greater number of the people, but once I believe it is their interest that is the focus of the government, it is easier to manage and explain the difficulties.

“Along the line, there is a parallel arrangement to really cushion the effect of the subsidy removal on the vulnerable population of the country. We share the pain across board, we cannot but include those who are vulnerable.

“Luckily, we have a very vibrant youthful population interested in discoveries by themselves and they are highly ready for technology, good education committed to growth.

“We are able to manage that and partition the economic drawback and the fallout of subsidy removal.”

According to him, the fuel subsidy removal equally engendered accountability, transparency and physical discipline for the country.