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VIDEO: 'It's necessary for Nigeria's future' - Tinubu unshaken on fuel subsidy removal

President Bola Tinubu has defended his controversial decision to remove fuel subsidies, asserting that he has "no regrets whatsoever" about the policy despite its economic impact on Nigerians.

Speaking during his inaugural Presidential Media Chat on December 23, 2024, Tinubu emphasised that the subsidy removal and exchange rate unification were crucial reforms for Nigeria's long-term economic growth.

“I don’t have any regrets whatsoever in removing the subsidy; it’s necessary, we cannot spend our future generations’ investment,” he stated.

The president's remarks come amid significant backlash as the policy has caused a sharp rise in petrol prices, escalating transport costs and exacerbating food prices for millions, especially those reliant on petrol-powered generators.

The subsidy cut has also led to a marked increase in the exchange rate, further straining the economy.

While Tinubu supports the reforms, many Nigerians continue to experience immediate financial strain and question the timing and execution of such sweeping changes.

Despite the unrest, the president remains resolute, stating that the adjustments are necessary for the country’s future stability.

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