No regrets removing fuel subsidy, Tinubu insists

Kindly share this story!

President Bola Ahmed Tinubu has said he doesn't regret removing fuel subsidy, which led to a spike in price of the product from under N200 per litre to over N1,000 per litre, with attendant rise in the cost of living.

The president who  made this assertion on Monday evening during his first presidential media chat since assuming office, also defended his decision to appoint 45 ministers to his cabinet.

Tinubu argued that continuing to subsidize fuel was economically unsustainable, especially given its widespread impact beyond Nigeria.

“I don’t have any regrets removing fuel subsidy. We can’t be subsidizing the entire West Africa sub region. Either we slice it in half or bits, we still have to completely remove it," he said.

He touted improvements in security, claiming progress in making previously unsafe routes viable for travel.

“Two decades of wanton killings have been addressed. Today, you can travel the roads. Before now, it was impossible,” he said, adding that the military remains vigilant against both internal and external threats to ensure the safety of citizens.

On fiscal management, the President highlighted the administration’s efforts in exiting the previous “ways and means” model, asserting that the government now operates under financial control and fiscal discipline. “We have more revenue being generated and distributed,” Tinubu noted.

The President also emphasised the autonomy granted to local governments as a key milestone.

He linked this development to his long-standing advocacy for grassroots empowerment, referencing his tenure as Lagos State Governor and his clashes with the Obasanjo administration over the creation of additional local councils.

Tinubu acknowledged ongoing challenges but expressed optimism about the country’s progress.

“Regardless of critics, Nigeria is on the path of recovery. We can’t finish the job in one calendar year, and I am not giving myself an excuse, it’s only been 18 months,” he stated.

 I won’t reduce size of my cabinet 

President Tinubu stated that he has no plans to reduce the size of his cabinet, arguing  that the current structure was designed to ensure efficient governance for a large nation like Nigeria.

Responding to suggestions to downsize his cabinet, Tinubu noted that the country’s population of over 200 million requires a substantial number of officials to manage its affairs.

“I’m not prepared to bring down the number of my cabinet. I saw the need for them when I created the portfolio. Nigeria is a large country. If you are to entertain over 200 million persons, calculate how many stewards will be required,” the President said.

He added that efficiency was the driving force behind the cabinet’s formation, and he was not willing to shrink its size.

Tax Reform here to stay

The president also addressed the controversial tax reform, calling it “here to stay” and necessary for the country’s long-term prosperity.

He pointed out that Nigeria could no longer afford to continue with its old economic practices. Reflecting on his time as Lagos State Governor, he said, “I remember what I met, and I’m proud of what I left. It’s expanding today. We have to accommodate new thoughts in the economic calculation.”

The President argued that the tax reform is designed to be “pro-poor,” aiming to widen the tax net so that the country can benefit from a larger pool of resources.

He emphasised that, despite concerns and calls for consultation, the government would continue with the reform.

“The hallmark of a leader is the ability to do what must be done. You have given me the mandate to govern, and I’m laser-focused on what Nigerians need. It will not be Eldorado for everybody, but the new dawn is here,” Tinubu stated.

 

Leave a Reply