President Bola Tinubu has explained why he holds no regrets about removing the subsidy on fuel importation.
Speaking during the ongoing presidential media chat, broadcast nationwide, Tinubu described the subsidy as a burden that drained the country’s resources and endangered its future.
“We are spending our future. We are spending our generation’s fortunes. We are not investing. We are just deceiving ourselves,” the president said, emphasising the unsustainable nature of the subsidy.
Tinubu also questioned the logic behind incurring expenses without generating adequate revenue to support them.
“Why should you have expenditures when you don’t have revenues?” he asked.
Reiterating his position, the president stressed the inevitability of his decision, warning of the severe financial consequences if the subsidy had been retained.
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“I don’t have any regret in removing fuel subsidy. We cannot spend our generation’s investment,” he stated. “We have no choice. Otherwise, we are headed for the slippery slope… financial disaster, not just for us but for our children.”
Tinubu further addressed the recent palliative distribution stampedes in parts of the country, Tinubu expressed sadness over the loss of lives and blamed the incidents on inadequate organisation.
“It is very sad that people are not well organized. We just have to be disciplined. My condolences to those who lost their family members,” he said.
The president’s comments highlight his administration’s resolve to prioritize long-term economic stability while urging better management of social intervention programs.
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