President Bola Tinubu has reiterated his stance on the removal of petrol subsidy, stating he has no regrets about the decision. “I don’t have any regrets whatsoever about removing the petrol subsidy. We are spending our future, we were deceiving ourselves, that reform was necessary,” he said during a chat with reporters at his Bourdillon residence .
Tinubu emphasized that Nigeria cannot continue to subsidize fuel for neighboring countries, likening the situation to being “Father Christmas” . He also noted that the removal of the subsidy has increased competition within the sector, leading to a gradual crash in pump prices. “The market is being saturated. No monopoly, no oligopoly, a free market economy flowing,” he explained .
The President also expressed his disapproval of price control, stating, “I don’t believe in price control, we will work hard to supply the market” . This decision comes as Nigeria faces energy challenges, with all state-owned refineries non-operational, relying heavily on imported refined petroleum products .
The removal of the subsidy in May 2023 led to a significant increase in petrol prices, from around N200/litre to over N1,000/litre, exacerbating the woes of citizens who rely on petrol for their vehicles and generating sets due to the country’s epileptic electricity supply .
