“I Have No Regrets” – Tinubu Defends Fuel Subsidy Removal Amid Economic Hardship

President Bola Tinubu has reaffirmed his stance on the removal of fuel subsidies, stating that he has no regrets over the decision.

The Nigerian leader made the assertion during his inaugural Presidential Media Chat, on Monday, December 23, 2024.

When questioned about the wisdom of implementing the subsidy removal and exchange rate unification policy without phasing it in, President Tinubu maintained that the reforms were essential for the nation’s economic growth.

“I don’t have any regrets whatsoever in removing the subsidy; it’s necessary, we cannot spend our future generations’ investment,” he said.

LagosTimes Nigeria reports that his administration’s decision has led to an increase in petrol prices, which has, in turn, driven up transport costs and has a ripple effect on food prices for millions of Nigerians who rely on petrol-powered generators for power.

Furthermore, the exchange rate has also experienced a significant rise.