President Bola Tinubu has explained that if he had not taken the bull by its horns and removed subsidy on petroleum, the country could have become bankrupt. He made the explanation when he was attending the World Economic Forum meeting.
To the amazement of Nigerians, Tinubu announced on 29 May that he had removed subsidy on petroleum. The decision has extremely worsened the serious situation of the country as more small and medium scale businesses collapse and more millions of Nigerians thrown into poverty.
The president is one of the panelists in the event in Saudi Arabia’s Riyadh on Sunday. He said the removal of subsidy was necessary so as to save the country from entering bankruptcy.
Tinubu said, “For Nigeria, we are immensely consistent with belief that the economic collaboration and inclusiveness is necessary to engender stability in the rest of the world.”
Speaking further, Tinubu who was one of the panelists, “Concerning the question of the subsidy removal, there is no doubt that it was a necessary action for my country not to go bankrupt, to reset the economy and pathway to growth.”
“It is going to be difficult, but the hallmark of leadership is taking difficult decision at the time it ought to be taken decisively. That was necessary for the country,” he said.
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