Amid Hunger, High Inflation, Tinubu Says Subsidy Removal Yielding Positive Results, Gives Reasons
- President Bola Tinubu defended the removal of the oil subsidy, stating it was necessary to prevent Nigeria from economic collapse
- Speaking at the Federal University of Technology Akure’s convocation, Tinubu, represented by Prof. Wahab Egbewole, acknowledged the hardship faced by Nigerians
- Tinubu highlighted that the policy was showing positive results, with the macro-economy improving and a shift from a consumption-based to a production economy underway
Akure, Ondo State - President Bola Tinubu has defended his administration’s removal of the oil subsidy, stating it was essential to prevent Nigeria from economic collapse.
Speaking at the 34th and 35th combined convocation ceremonies of the Federal University of Technology Akure, Ondo State, on Saturday, November November 30.
Source: Twitter
Tinubu emphasized that the decision, made on his inauguration day, aimed to address the country's dire financial situation.
Represented by Prof. Wahab Egbewole, Vice Chancellor of the University of Ilorin, the president acknowledged the difficult circumstances faced by Nigerians but asserted that the subsidy’s removal had been necessary for the nation’s survival, New Telegraph reported.
“Our economy was nose-diving due to heavy debts from fuel and dollar subsidies. The subsidies were meant to support the poor, but in reality, they only prolonged suffering and threatened economic stability," Tinubu explained.
As reported The Punch, he underscored that while the policy was tough, it was crucial for long-term growth, saying:
“The macro-economy is improving beyond expectations, and the micro-economy is showing positive trends. We are shifting from a consumption-based to a production economy,” he said.
Dangote refinery to export petrol
Legit.ng previously reported that the Dangote Refinery has agreed to export more than 200,000MT of its petrol, as local demand for more expensive, higher-quality products has disappointed many Nigerians.
An executive at the refinery disclosed this, saying that the mega refinery has signed its first export orders for its petrol and will begin dispatching the products immediately after the ships arrive.
The giant refinery has been touted as supplying Nigeria’s petrol demand and servicing about 340,000 barrels of local market, ending the country’s dependence on petrol imports.
Source: Legit.ng
