For the umpteenth time, President Bola Tinubu, yesterday, defended his administration’s decision to remove the petrol subsidy, saying it was to prevent the country from going bankrupt.
Speaking as one of the panellists at the ongoing World Economic Forum in Riyadh, Saudi Arabia, Tinubu justified the petrol subsidy removal, maintaining that it was needed to reset the economy.
The meeting focuses on global Collaboration, Growth and Energy for Development. The subsidy removal was quickly followed by another critical policy, the exchange rate unification, which Tinubu equally defended during the session. He said: “For Nigeria, we are immensely consistent with the belief that economic collaboration and inclusiveness is necessary to engender stability in the rest of the world.”
The President admitted the difficulty associated with his decision to jettison the policy, which has allowed Nigerians to purchase petrol at cheaper rates for years, but added that he was convinced it was in the best interest of the people.
Meanwhile, Senate Committee on Finance has called for concerted efforts by all relevant stakeholders to rescue and sustain the Naira. The appeal came against the backdrop of another round of currency depreciation in the Foreign Exchange market.
In a statement yesterday, the chairman of the committee, Mohammed Sani Musa, observed: “The recent depreciation of the Naira underscores the need for proactive measures to safeguard the stability and resilience of our currency.”
The statement titled: State of the Nation Economy and Naira Depreciation, reads in part: “The Nigerian economy is facing significant challenges, exacerbated by both internal and external factors.
“Despite efforts to stabilise and bolster economic growth, the numerous initiatives and bold but necessary steps and policy decisions taken by President Bola Tinubu, the persistent depreciation of the Naira against major foreign currencies has become a pressing concern.”
