President Bola Tinubu has said that his administration’s removal of the fuel subsidy was in the best interest of Nigeria, saying it was necessary not to plunge the country into bankruptcy.
He stressed the country’s belief in economic collaboration and inclusiveness among other nations to drive stability on the global stage.
Tinubu stated these during a panel session at the ongoing World Economic Forum in Riyadh, Saudi Arabia, on Sunday, which focuses on Global Collaboration, Growth, and Energy for Development.
He said, “For Nigeria, we are immensely consistent with belief that the economic collaboration and inclusiveness are 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 equally noted that the fuel subsidy removal brought about accountability, transparency, and physical discipline for the country.
Speaking on the exchange rate unification and the swinging rate of the Naira against other global currencies like the United States dollar, Tinubu said, “The currency management was necessary equally to remove the artificial elements of value in our currency. Let our local currency find its level and compete with the rest of the world currency and remove arbitrage, corruption, and opaqueness.
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