President Bola Tinubu has reiterated his stance on the removal of petrol subsidy, stating that he has no regrets about the decision made in May 2023.
According to the APC chieftain, Nigeria cannot continue to play the role of “Father Christmas” to its neighboring countries. Speaking to reporters on Monday at his Bourdillon residence in Ikoyi, Lagos, Tinubu described the subsidy as unsustainable and a drain on the country’s future. “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 said.
The former Lagos State governor emphasized that the removal of the petrol subsidy 18 months ago has fostered competition within the sector, leading to a gradual reduction in pump prices. “The market is being saturated. No monopoly, no oligopoly, a free market economy flowing,” Tinubu explained.
Addressing the issue of price control, the APC chieftain made it clear that he does not support such measures. “I don’t believe in price control; we will work hard to supply the market,” he stated, reaffirming his belief in a free market economy to drive growth and stability in the sector.
