President Bola Tinubu has said that despite the economic difficulties a greater number of Nigerians are facing, the removal of fuel subsidy by his government was a necessary action, as it has saved the country from going bankrupt.
Tinubu said this yesterday, during a panel session at the on-going World Economic Forum in Riyadh, Saudi Arabia.
President Tinubu, who announced the removal of subsidy on Premium Motor Spirit, popularly known as petrol, in his inauguration speech on May 29, 2023, said at the Forum that the fuel subsidy removal had reset Nigerias economy and the countrys pathway to growth.
Tinubu equally noted that the fuel subsidy removal brought about accountability, transparency, and physical discipline for the country, adding that it is more important to focus on what direction the country should go.
Also speaking on the Naira devaluation and exchange rate unification, President Tinubu said that the decision of his government became necessary to allow the Naira to compete favourably with other world currencies.
According to him, 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.
That we did at the same time. That is a two-engine problem in a very template situation for the government, but we are able to manage that turbulence because we are prepared for inclusivity in governance and rapid communication with the public to really see what is necessary and what you must do.
