President Bola Tinubu has said that Nigeria would have gone bankrupt if his administration had not discontinued fuel subsidy payments.
He said though the policy came with economic pains, it was in the best interest of Nigerians.
President Tinubu who stated this at the Special World Economic Forum in Riyadh, Saudi Arabia, said the move would save the government money for infrastructural expansion.
The president argued that removing the petrol subsidy was a necessary action to reset the economy towards growth.
Acknowledging the difficulties posed by the decision, the Nigerian leader told attendees that his government implemented parallel arrangements to cushion the impact on vulnerable citizens.
He described the unification of the naira exchange rates as necessary to remove the artificial element of value in our currency, arguing that the move will enable the local currency to find its level, compete with the rest of the world’s currencies, and remove arbitrage, corruption and opaqueness.
President Tinubu made a clarion call to pay attention to the root causes of poverty and instability in Africa’s Sahel region adding that achieving regional stability and growth will only happen through sustained economic collaboration and inclusiveness.
While calling on bigger economies to actively participate in the promotion and prosperity of the region, he urged global collaboration and inclusiveness to drive capital formation and economic opportunities in Africa.