President Bola Tinubu has explained why he removed subsidy on petrol.
According to Tinubu, it was a challenging decision to make,
but necessary to ensure a transparent energy sector.
The President stated this while speaking at the opening of
the 2024 Nigeria International Energy Summit, NIES, in Abuja.
Tinubu was represented by his Minister of Information and
National Orientation, Mohammed Idris.
Idris said: “The petroleum subsidy has, over the years,
strained our economic resources, leading to inefficiencies and, most
importantly, hindering our ability to invest in critical areas of energy
security.
“By removing the subsidy, we are creating a more transparent
and accountable energy sector. The funds that were previously allocated to
subsidising petroleum products are now redirected towards developing and
upgrading our energy and other social infrastructure.
“Furthermore, the removal of the subsidy has encouraged
further private sector participation in the energy industry, with the potential
to attract more local and international investors and foster innovation and
competition that will drive down costs and improve the overall efficiency of
our energy sector.”
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Baba all supported you to remove after we voted for you but now that the consequences is no longer bearable please revisit the policy to bring relief to Nigerians. People hardly eat your excellency sir.
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