Tinubu Breaks Silence on Regret Over Fuel Subsidy Removal

• President Bola Tinubu has reiterated that he has no regret in announcing the removal of the fuel subsidy on his first day in office
• The president, in a media chat on Monday, December 23, said the decision was very necessary in addressing current economic realities
• The president emphasised that the decision was though tough but was necessary, considering the country's economic dilemma when he resumed office

President Bola Tinubu said he had no regrets about announcing the removal of the fuel subsidy on his first day in office. Tinubu said the move was crucial in addressing the country's economic realities.

Tinubu made the comment while responding to questions on his first media chats on Monday, December 21. According to the president, the decision was very tough but necessary. Recall that on May 29, 2023, his inauguration day, Tinubu announced the removal of the fuel subsidy.

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Media chat: Tinubu under fire over justification of fuel subsidy removal

This decision has been a subject of debate, with some critics arguing that it has increased fuel prices and hardship for Nigerians. However, Tinubu has maintained that the removal of the subsidy was essential to free up resources for critical infrastructure investments.

Tinubu acknowledged challenges of fuel subsidy removal

The President acknowledged that the removal of the fuel subsidy has caused short-term difficulties, including an increase in fuel prices. Currently, gas sells at around N1,300 ($0.8) per litre. However, Tinubu defended the action, stating that it was designed to free up budgetary resources for critical investments in infrastructure and social services.

Tinubu's administration has faced criticism for the timing and implementation of the fuel subsidy removal. However, the President has emphasized that his administration is focused on making tough but necessary decisions to stabilize the economy.

He has also spoken on Nigeria's economic challenges, including high inflation and infrastructure deficits, which present opportunities for growth and development. Despite the subsidy removal controversy, Tinubu remains committed to his economic vision for Nigeria.

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President Tinubu media chat: Five things you need to know

See the video of the media chats here:

Tinubu holds maiden media chat

Legit.ng earlier reported that President Bola Tinubu has announced his readiness to hold a maiden media chat on Monday, December 23.

Bayo Onanuga, the president's spokesperson, announced the development earlier in the day in a statement.

The media chat will provide an opportunity for the president to engage with the media and the Nigerian public on economic, security and other issues.

Source: Legit.ng