President Bola Ahmed Tinubu had yesterday reiterated that he had no regret removing fuel subsidy. The president stated this during his first presidential media chat, said fuel subsidy removal was necessary to prevent the country from sliding into bankruptcy. Mr Tinubu had, during his inauguration speech as president on May 29, 2023, announced the immediate removal of fuel subsidy, when he declared that fuel subsidy is gone, a statement that pushed the price of the fuel above the roof.
Although, the price has started to gradually dropping down, particularly with the Nigerian National Petroleum Company Limited, NNPCL, and Dangote Refinery announcing downward review of the price of the commodity.
The president therefore enjoined Nigerians to learn how to cope with the fuel subsidy removal as it have come to stay.
In his statement when the question was thrown on him by Maope Ogun Yusuf, he said “It is part of the fear that is unnecessary. No matter how you cut it or slice it in segments, you still have to meet the bills.
“So, cut your cloth according to your size. It is what we have to manage. Management is the issue, and we have no choice but to pull the brakes. Otherwise, we were headed for slippery slopes,” Mr Tinubu said.
The president revealed that with fuel subsidy, the country was spending what was meant for future generations.
He was categorical that the fuel subsidy removal was necessary to prevent smugglers from taking what belonged to Nigerians.
“That doesn’t affect me; it affects smuggling. Plus, you have expenditures that you don’t have revenue for. NAN
“I don’t want to question people who have five limousines on the road. We should teach management with all our programmes. We have to manage our resources.
“There is no way you will give out fuel and allow the entire neighboring countries enjoy it like father Christmas,” Tinubu concluded.
