In a panel discussion at the ongoing World Economic Forum in Riyadh, Saudi Arabia, President Bola Tinubu emphasized the necessity of removing subsidies to prevent Nigeria from financial collapse.
The forum, centering on Global Collaboration, Growth, and Energy for Development, provided a platform for Tinubu to address critical economic policies. He reaffirmed his stance on the petrol subsidy removal, stating, “It was a necessary action for my country not to go bankrupt, to reset the economy and pathway to growth.”
Tinubu acknowledged the challenges posed by the policy, acknowledging increased commodity prices and hardships but emphasized its long-term benefits. He noted, “The hallmark of leadership is taking difficult decisions at the right time decisively.”
Addressing concerns for vulnerable populations, Tinubu mentioned parallel arrangements to cushion the impact of subsidy removal and promote inclusivity. He highlighted the nation’s vibrant youth population, committed to growth and technological advancements.
Furthermore, Tinubu discussed the importance of exchange rate unification, emphasizing the need for transparent currency management to boost competitiveness and combat corruption. He concluded by emphasizing the government’s preparedness for inclusive governance and rapid communication with the public to address economic challenges effectively.
