Fuel Subsidy Removal Will Foster Nigeria’s Economic Growth And Development – Tinubu

President Bola Tinubu has come out to say that his administration is providing safety nets to protect Nigerians worst-hit by the economic reforms.

He recently had his say at the seventh Nigeria International Energy Summit at the State House Conference Centre, Abuja, and Nigerians have been reacting.

According to him, he is already setting up programmes that will ensure the burden of the subsidy removal is shared equitably, and that the most vulnerable among us are protected.

Tinubu added that removing fuel subsidy was a challenging move, but it was needed to secure our energy future and foster economic growth and development.

His words, “These programmes will, therefore, ensure that the burden of the subsidy removal is shared equitably and that the most vulnerable among us are protected

The decision to remove petroleum subsidy is a challenging one. But it is a step we must all take to secure our energy future and foster economic growth and development.

The petroleum subsidy has, over the years, strained our economic resources, leading to inefficiencies and, most importantly, hindering our ability to invest in critical areas of energy security.

By removing subsidies, we are creating a more transparent and accountable energy future. The funds that were previously allocated to subsidising petroleum products are now redirected towards developing and upgrading our energy and other social infrastructure.”

While we are immersed in energy security, let us not forget that energy transition is another key aspect of our discussions.

We stand on the brink of a new era, where traditional energy sources are then complemented and, in some cases, replaced by cleaner or more sustainable alternatives.

We must leverage innovation and collaboration to ensure a smooth and flawless transition that will leave no one behind.”