President Bola Tinubu on Monday said he had no regret removing fuel subsidy.
The president, who stated this during his first media chat, said fuel subsidy removal was necessary to prevent the country from bankruptcy.
The News Agency of Nigeria NAN reports that Tinubu had, during his inauguration as president on May 29, 2023, announced the immediate removal of fuel subsidy, with the price of premium motor spirit (PMS) experiencing steady increase since then.
However, the price has started coming down gradually, particularly with the Nigerian National Petroleum Company Limited (NNPCL) and Dangote Refinery announcing downward review of the price of the commodity.
The president also said it was not necessary to phase the fuel subsidy removal.
“It is part of the fear that is unnecessary. No matter how you cut it or slice it in segments, you still have to meet the bills.
“So, cut your cloth according to your size. It is what we have to manage. Management is the issue, and we have no choice but to pull the brakes. Otherwise, we were headed for slippery slopes,” Tinubu said.
The president said that with fuel subsidy, the country was spending what was meant for future generations.
He was emphatic that the fuel subsidy removal was necessary to prevent smugglers from taking what belonged to Nigerians.
“That doesn’t affect me; it affects smuggling. Plus, you have expenditures that you don’t have revenue for.
“I don’t want to question people who have five limousines on the road. We should teach management with all our programmes. We have to manage our resources.
“There is no way you will give out fuel and allow the entire neighbouring countries enjoy it like father Christmas,” the president said. (NAN)