Nigeria’s President, Bola Tinubu, has provided further insights into his decision to remove fuel subsidies on the very day of his inauguration on May 29, 2023.
Speaking at a special Iftar event marking his 73rd birthday, Tinubu revealed that the announcement of the subsidy removal was a spontaneous decision, not originally included in his prepared speech. He explained that he took office at a time when Nigeria’s economy was in a precarious state, requiring immediate and decisive action.
“On the day of my inauguration, I had to decide on something not originally in my speech, and that was the fuel subsidy removal,” Tinubu stated.
He emphasized that the country had reached a critical juncture where maintaining the subsidy was no longer sustainable. Faced with the urgent need to stabilize the economy, he made the tough call to eliminate it without delay.
“The hallmark of a great leader is the ability to make the right decision at the right time. That was the day I declared that the subsidy was gone,” he noted.
Acknowledging the backlash that followed, Tinubu recalled how his decision was met with widespread criticism in the media. However, he remained resolute, confident that the move was essential for Nigeria’s long-term economic stability.
“The following day, I was hounded and thoroughly criticized in the media. But I stood firm, knowing it was the right thing to do for our nation’s future,” he added.
Tinubu’s remarks shed light on the urgency and necessity of the subsidy removal, highlighting his administration’s commitment to making bold economic reforms despite public opposition.
As Nigerians continue to grapple with the consequences of the decision, the president maintains that it was a crucial step towards ensuring a more sustainable economic future for the country.
