All Nigeria Latest News reports that President Bola Tinubu has said that the subsidy removal was necessary to prevent Nigeria from facing bankruptcy.
Tinubu made this assertion while participating as one of the panelists at the ongoing World Economic Forum in Riyadh, Saudi Arabia, on Sunday.
The World Economic Forum meeting centers on themes of global collaboration, growth, and energy for development.
All Nigeria Latest News had reported that President Tinubu announced the removal of subsidy on petrol on the day of his inauguration into office.
However, this policy led to a spike in commodity prices and increased hardship across the country.
The President while speaking on the petrol subsidy removal said it was needed to reset the economy.
He said, “For Nigeria, we are immensely consistent with belief that the economic collaboration and inclusiveness is necessary to engender stability in the rest of the world.
“Concerning the question of the subsidy removal, there is no doubt that it was a necessary action for my country not to go bankrupt, to reset the economy and pathway to growth.”
The President added that he was convinced it was in the best interest of the people.
Tinubu said, “It is going to be difficult, but the hallmark of leadership is taking difficult decision at the time it ought to be taken decisively. That was necessary for the country.
“Yes, there will be blowback, there is expectation that the difficulty in it will be felt by greater number of the people, but once I believe it is their interest that is the focus of the government, it is easier to manage and explain the difficulties.
“Along the line, there is a parallel arrangement to really cushion the effect of the subsidy removal on the vulnerable population of the country. We share the pain across board, we cannot but include those who are vulnerable.
“Luckily, we have a very vibrant youthful population interested in discoveries by themselves and they are highly ready for technology, good education committed to growth.
“We are able to manage that and partition the economic drawback and the fallout of subsidy removal.”