President Bola Tinubu says he has no regret in removing fuel subsidy.
Tinubu, who stated this during his first media chat on Monday, December 23, 2024, said fuel subsidy removal was necessary to prevent the country from bankruptcy.
Tinubu had, during his inauguration as president on May 29, 2023, announced the immediate removal of fuel subsidy, with the price of Premium Motor Spirit (PMS), fondly called petrol, experiencing a steady increase since then.
However, the price has started reducing gradually, particularly with the Nigerian National Petroleum Company Limited (NNPCL) and the Dangote refinery announcing downward review of the price of petrol.
Tinubu, who said it was not necessary to phase the fuel subsidy removal, stated: “It is part of the fear that is unnecessary. No matter how you cut it or slice it in segments, you still have to meet the bills.
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“So, cut your cloth according to your size. It is what we have to manage. Management is the issue, and we have no choice but to pull the brakes. Otherwise, we were headed for slippery slopes.”
The president noted that with fuel subsidy, the country was spending what was meant for future generations.
He was emphatic that the fuel subsidy removal was necessary to prevent smugglers from taking what belonged to Nigerians.
Tinubu added: “That doesn’t affect me; it affects smuggling. Plus, you have expenditures that you don’t have revenue for.
“I don’t want to question people who have five limousines on the road. We should teach management with all our programmes. We have to manage our resources.
“There is no way you will give out fuel and allow the entire neighbouring countries enjoy it like Father Christmas.”
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