Tinubu Says Fuel Subsidy Removal Will Avert Financial Crisis.

President Bola Tinubu says his administration’s removal of the fuel subsidy was in the best interest of Nigeria, saying it was necessary not to plunge the country into bankruptcy.

He stressed the country’s belief in economic collaboration and inclusiveness among other nations to drive stability on the global stage.

Tinubu who disclosed this during a panel session at the ongoing World Economic Forum in Riyadh, Saudi Arabia, which focuses on Global Collaboration, Growth, and Energy for Development said, the economic collaboration and inclusiveness are necessary to engender stability in the rest of the world.

This is coming after Tinubu, on his inauguration on May 29, 2023, declared to the citizens his resolve to stop the payment of the fuel subsidy, saying “subsidy is gone, which the Federal Government used to help the citizens ameliorate the payment for fuel purchases at higher prices, which later became a sort of nightmare for the populace as it had partly contributed to the exorbitant prices of commodities in the market, especially food items, transportation costs, among others.

Tinubu equally said, the fuel subsidy removal brought about accountability, transparency, and physical discipline for the country.