See Tinubu explanation for petrol subsidy, launches fuel priced at N230 per litre

• President Tinubu has again defended the removal of the fuel subsidy, describing it as a necessary step to free up budgetary resources
• Tinubu noted that the funds available will now be used for infrastructure and social services and will be beneficial in the long run
• Filling stations are currently selling petrol between N800 and above N1,000 per litre across the country

Legit.ng journalist Dave Ibemere has over a decade of business journalism experience with in-depth knowledge of the Nigerian economy, stocks, and general market trends.

President Bola Tinubu has affirmed that removing petrol subsidy is a necessary step for Nigeria's long-term growth and overall development.

He made this statement while speaking at the 17th Annual Chartered Institute of Bankers of Nigeria (CIBN) Banking and Finance Conference on Tuesday, September 11, 2024.

President Tinubu believes subsidy removal will help Nigeria's infrastructure Photo credit: Bloomberg/contributor
Source: Getty Images

In his address, Tinubu outlined the federal government’s strategy to restore confidence in Nigeria’s economy through targeted reforms.

These include measures to reduce inflation, stabilize the foreign exchange market, and improve fiscal management. He highlighted that the removal of the subsidy is a crucial step toward freeing up budgetary resources for essential investments.

Tinubu, who Vice President Kashim Shettima represented, emphasized that the removal of the subsidy aims to redirect funds into critical infrastructure and social services, ThisDay reports.

His words:

“Though pinful in the short term, the removal of fuel subsidies is designed to free up budgetary resources for critical investments in infrastructure and social services

On the way forward, Tinubu called for collaboration across all sectors, including the government, private industry, and civil society organisations.

“To achieve sustained economic growth, we must intentionally align our policies and actions with the changing global landscape.“The government is committed to implementing reforms to enhance macroeconomic stability, reduce inflation, and support infrastructure development."

Tinubu launches CNG fuel priced at N230

Earlier, Legit.ng reported that President Bola Tinubu launched CNG for vehicles at N230 per litre

This initiative is designed to provide Nigerians with a more affordable and sustainable alternative to petrol and diesel.

There is a plan to distribute one million free CNG conversion kits for commercial vehicles over the next 18 months

The president believes the initiative will support a transition to CNG through authorised centres across Nigeria

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Source: Legit.ng