President Bola Ahmed Tinubu defended Nigeria’s decision to remove petrol subsidy and float the Naira at the World Economic Forum in Riyadh, Saudi Arabia. He emphasized the necessity of these actions to prevent Nigeria from going bankrupt and to foster economic growth.
Tinubu highlighted that the removal of petrol subsidy was a crucial and decisive step to reset the economy and pave the way for growth, despite the anticipated difficulties. He stressed the importance of leadership in making tough decisions for the country’s long-term benefit, focusing on transparency, accountability, and fiscal discipline.
Regarding the floating of the Naira, Tinubu explained that it was essential to eliminate artificial value in the currency, promote transparency, and combat corruption. He acknowledged the challenges posed by these measures but emphasized the government’s commitment to managing them effectively.
Tinubu also underscored the significance of collaboration and inclusiveness in driving economic development, urging the World Economic Forum to encourage global cooperation to address issues such as capital formation, agriculture, food security, innovation, and technology advancement. He emphasized the need to ensure that no one is left behind in the pursuit of economic opportunities, particularly in Africa.
The President’s remarks at the World Economic Forum reflect Nigeria’s strategic approach to economic reform and the government’s determination to navigate challenges while prioritizing transparency, accountability, and inclusive growth.