President of the Federal Republic of Nigeria, Asiwaju Bola Ahmed Tinubu, has said he does not regret removing fuel subsidy, that it was a necessary move that would serve the future better.
The President said this during his first Presidential media chat with some journalists. He was being asked series of questions to which he responded.
When asked if he regrets removing fuel subsidy considering the or on the benefits of hindsight to the current economic hardship the fuel subsidy removal has plunged Nigerians into, whether he would have waited until there was a contingency.
Tinubu replied asking what contingency the journalist was talking about. That the country was busy spending our future and generation’s fortunes, and not investing, that the reform (subsidy removal) was necessary.
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He mentioned that fuel subsidy does not affect Nigerians, but the smugglers who enriched themselves through it.
“Why should we have expenditures without having revenue,” Tinubu said, using people who drive Limousines as case study to buttress his emphasis on the need for managing resources and living within one’s means.
President Tinubu believes the fuel subsidy removal was necessary, because he could not imagine how the country would pay for fuel and allow all the neighboring countries to benefit from it, making Nigeria a “Father Christmas”.
“I don’t have any regret whatsoever in removing the subsidy. It is necessary. We cannot spend our future’s investment upfront,” he said.
The president reiterated on the need to manage, and cut the coat according to one’s size. That the fear of the impact of removing fuel subsidy is what also makes subsidy removal necessary.
“Management is the issue. And then we have no choice, but to pull the average, otherwise we are headed for a slippery slope, that would result in financial disaster, not just for us, but our children and grandchildren. Where is the inheritance? Where is the pathway for prosperity?” President Tinubu said.
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