Fuel subsidy was removed for Nigeria not to go bankrupt

Tinubu stated this while speaking as one of the panelists at the ongoing World Economic Forum in Riyadh, Saudi Arabia on Sunday.Recall that President Tinubu announced the removal of subsidy on petrol the day he was inaugurated into office.Speaking on the petrol subsidy removal, President Tinubu said l it was needed to reset the economy.

“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.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.

“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.Tinubu said the fuel subsidy removal equally engendered accountability, transparency and physical discipline for the country.On the exchange rate unification, President Tinubu said the management of the nation’s currency by the government was as well necessary to allow the Naira compete favourably with other world currencies.

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