President Bola Tinubu addressed the rationale behind the recent removal of petrol subsidies. Speaking at the 2024 Nigeria International Energy Summit in Abuja, Tinubu emphasized the necessity of this decision despite its immediate challenges.
Tinubu, represented by Minister of Information and National Orientation, Mohammed Idris, highlighted how the subsidy removal reallocates funds towards critical energy infrastructure development. This strategic shift aims to foster transparency, attract private sector investment, and stimulate innovation and competition within the industry, ultimately driving down costs and enhancing efficiency.
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Acknowledging the hardship faced by low-income earners, Tinubu assured the implementation of social intervention programs to mitigate immediate effects and ensure equitable burden-sharing. He called upon stakeholders to engage in constructive dialogue, emphasizing the decision’s importance for Nigeria’s long-term energy security and economic prosperity.
With a commitment to building a resilient and sustainable energy future, Tinubu’s administration navigates these transformative times with a focus on collective progress for Nigeria.
