President Bola Tinubu has defended the removal of petrol subsidies in May 2023, stating it was necessary to free up resources for critical infrastructure and social investments.
Speaking at the 17th Annual Chartered Institute of Bankers of Nigeria (CIBN) Banking and Finance Conference in Abuja, Tinubu acknowledged the short-term pain but emphasized the move’s importance for long-term economic stability.
Represented by Vice President Kashim Shettima, Tinubu outlined the administration’s commitment to reforming the macroeconomic environment, including reducing inflation, stabilizing the exchange rate, and improving fiscal management. He highlighted ongoing investments in roads, railways, and energy projects through public-private partnerships to support economic growth.
Despite these assurances, the decision to end fuel subsidies, which caused petrol prices to soar from around N200 to over N1,000 per litre, has drawn criticism from many Nigerians, including labor unions, who continue to protest the resulting high costs of living.
