In a bold and decisive move, President Bola Ahmed Tinubu made a significant announcement during his inaugural address to the nation at the prestigious Eagle Square in Abuja. With determination in his voice, he proclaimed the abolishment of fuel subsidy in Nigeria, emphasizing that it is no longer sustainable. The nation listened intently as the newly sworn-in President charted a new course for the country’s energy sector.
President Tinubu left no room for ambiguity, clearly stating his stance on fuel subsidy and the rationale behind his decision. He acknowledged the existing budgetary constraints and the absence of provisions for fuel subsidy. Reflecting the need for fiscal prudence, he unequivocally declared, “On fuel subsidy, the budget I met before I assumed office and what I heard is that there is no provision for subsidy.”
With these words, President Tinubu delivered a resounding message that resonated across the nation. The era of fuel subsidy had come to an end, signaling a shift in Nigeria’s energy policy. The decision was not made lightly, as the President recognized the challenges and complexities associated with fuel subsidies. The economic realities demanded a new approach that focused on sustainability and efficient resource allocation.
By abolishing fuel subsidy, President Tinubu signaled his commitment to addressing long-standing issues that have plagued the country’s economy. Fuel subsidies have been a significant drain on Nigeria’s financial resources for many years, leading to a strain on the national budget and diverting funds from critical sectors such as education, healthcare, and infrastructure.
