By Patrick Idowu
President Bola Tinubu has reiterated his stance on the removal of the petrol subsidy, declaring he has no regrets about the decision.
Speaking during his first presidential media chat on Monday, Tinubu justified the policy, stating, “Nigeria was spending the fortune of future generations without investing. That reform was necessary.”
The subsidy removal, announced during his inaugural speech on May 29, 2023, led to a significant rise in petrol prices from N190 to over N900 per litre, triggering inflation and increased living costs.
Tinubu emphasized the need for fiscal discipline, adding, “Why should we have expenditures without revenue? We must manage our resources effectively.
“We cannot act as Father Christmas to neighboring countries,” he said.
He concluded, “I have no regrets. The removal was essential to secure the future of our economy.”
