Tinubu Defends Petrol Subsidy Removal.

President Bola Tinubu has expressed no regrets about the removal of the petrol subsidy in May 2023, arguing that Nigeria should not continue supporting neighboring countries.

Speaking to reporters at his residence in Ikoyi, Tinubu stated, “I don’t have any regrets whatsoever in removing petrol subsidy. We are spending our future; we were just deceiving ourselves, that reform was necessary.”

He emphasized that the removal of the subsidy has fostered competition in the sector and led to a gradual decrease in the pump price of petrol. “The market is being saturated. No monopoly, no oligopoly, a free market economy flowing,” he noted.

The APC leader also stated his opposition to price control, insisting on the need to enhance market supply instead.

Despite being Africa’s most populous nation, Nigeria struggles with energy issues, as all state-owned refineries are non-functional, making the country heavily dependent on imported refined petroleum products from the NNPC, the main importer.

Following the subsidy removal, petrol prices surged from around N200/litre to over N1,000/litre, adding to the hardships faced by citizens who rely on petrol for vehicles and generators due to persistent electricity shortages.

The government also unified foreign exchange rates, causing the naira’s value to plummet, which triggered a dramatic rise in the prices of food and essential goods amid high inflation.