Tinubu Says Fuel Subsidy Removal Was Needed to Prevent Nigeria’s Bankruptcy

President Bola Tinubu says he removed the petrol subsidy when he took office in May 2023 because Nigeria could no longer afford to sustain it. Speaking at a meeting with members of the City Boy Movement in Abuja, Tinubu rejected opposition promises to restore the subsidy ahead of the 2027 election. He said the policy had drained public funds and mainly benefited a small group exploiting price differences. The President said his administration would continue with market-driven economic reforms, arguing that returning to the old subsidy system would reverse progress.

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