By Seyi Babalola
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.
According to reports, 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.
It should be recalled that 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.
