Lagos, Nigeria — President Bola Ahmed Tinubu has reiterated his unwavering stance on the removal of petrol subsidies, asserting that the reform was necessary to secure Nigeria’s economic future. Speaking during a media chat at his Bourdillon residence in Ikoyi, Lagos, on Monday, the President dismissed criticisms of the policy, describing it as a long-overdue move to end financial mismanagement.
“I don’t have any regrets whatsoever in removing the petrol subsidy,” Tinubu declared. “We were spending our future and deceiving ourselves. That reform was necessary. Nigeria cannot continue to be Father Christmas to neighboring countries.”
The President highlighted that the removal, implemented in May 2023, has fostered increased competition within the sector, leading to gradual reductions in pump prices. “The market is being saturated. No monopoly, no oligopoly—a free market economy flowing,” Tinubu explained.
In response to calls for government-imposed price control, Tinubu firmly rejected the idea. “I don’t believe in price control. We will work hard to supply the market and let competition thrive,” he stated.
Despite the President’s optimism, the aftermath of the subsidy removal has exacerbated economic difficulties for Nigerians. Petrol prices surged from around ₦200 per litre to over ₦1,000 per litre, intensifying hardships in a country where fuel powers vehicles and generators amid unreliable electricity supply.
Additionally, the government’s unification of forex windows led to a sharp depreciation of the naira, with the exchange rate plummeting from ₦700/$1 to over ₦1,600/$1 in the parallel market. This shift triggered inflation, driving up the cost of food and basic commodities.
Nigeria, Africa’s most populous nation, remains heavily reliant on imported refined petroleum products due to non-operational state-owned refineries. Fuel shortages and long queues persist nationwide, highlighting the need for sustainable energy solutions.
While the policy aims to stabilize the economy in the long term, citizens continue to grapple with the immediate impact. As Tinubu’s administration works to implement structural reforms, Nigerians await tangible improvements in their daily lives amidst growing economic pressures.
Adeleke Damilola (ACTION) is a versatile content writer with expertise in news writing and a seasoned media professional and broadcast specialist. Currently serving as News Editor for DNews Info, Damilola is also the CEO of the ACTION brand, committed to shaping lives and establishing a legacy of excellence for present and future generations.
