Actual Reason I Removed Subsidy on Petrol, Tinubu Opens Up

• President Bola Ahmed Tinubu has said the decision to remove petroleum subsidy was a challenging one
• The president, however, argued that it was a necessary step to secure long-term energy security and foster economic growth for the country
• Legit.ng recalls that after Tinubu scrapped the fuel subsidy, petrol prices rose in Nigeria, Africa’s largest oil producer

Legit.ng journalist Ridwan Adeola Yusuf has over 9 years of experience covering public journalism.

FCT, Abuja - President Bola Ahmed Tinubu, on Tuesday, February 27, explained that his decision to remove the subsidy on petrol was a challenging one.

Tinubu, however, said it was necessary to ensure a transparent and accountable energy sector.

Tinubu, who spoke at the opening of the 2024 Nigeria International Energy Summit (NIES) in Abuja, acknowledged that the decision had led to hardship, especially amongst low-income earners.

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He assured that the economy would improve eventually and the benefits would manifest, Vanguard newspaper reported.

Represented by Mohammed Idris, the minister of information and national orientation, he stated that energy security was a priority for his administration.

He said:

“By removing the subsidy, we are creating a more transparent and accountable energy sector. The funds that were previously allocated to subsidising petroleum products are now redirected towards developing and upgrading our energy and other social infrastructure.

“Furthermore, the removal of the subsidy has encouraged further private sector participation in the energy industry, with the potential to attract more local and international investors and foster innovation and competition that will drive down costs and improve the overall efficiency of our energy sector.”

“The decision to remove the petroleum subsidy is not an easy one, but it is a necessary one for the long-term energy security and economic prosperity of our beloved nation. I call upon all stakeholders, including industry experts, policymakers, and the general public, to engage in constructive dialogue and collaboration as we navigate these challenging but transformative times."

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Read more about petrol subsidy:

• “Nigerians stuck”: SDP’s Adebayo explains how Tinubu’s ‘bad policies’ contributed to hardship
• Petrol subsidy nears N1trn monthly, higher than Buhari's era
• World Bank speaks on actual pump price of petrol in Nigeria without subsidy

Atiku claims Tinubu stole billions from subsidy

Earlier, Legit.ng reported that the presidential candidate of the Peoples Democratic Party (PDP), Atiku Abubakar, levelled accusations against President Tinubu, alleging misappropriation of funds from petrol subsidy returns.

According to Atiku, the president's alleged failure to address reports regarding petrol subsidy suggests that these funds may have been diverted for personal gain.

Source: Legit.ng