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President Bola Tinubu has explained why he removed subsidy on petrol.
According to Tinubu, it was a challenging decision to make, but necessary to ensure a transparent energy sector.
The President stated this while speaking at the opening of the 2024 Nigeria International Energy Summit, NIES, in Abuja.
Tinubu was represented by his Minister of Information and National Orientation, Mohammed Idris.
Idris said: “The petroleum subsidy has, over the years, strained our economic resources, leading to inefficiencies and, most importantly, hindering our ability to invest in critical areas of energy security.
“By removing the subsidy, we are creating a more transparent and accountable energy sector. The funds that were previously allocated to subsidising petroleum products are now redirected towards developing and upgrading our energy and other social infrastructure.
“Furthermore, the removal of the subsidy has encouraged further private sector participation in the energy industry, with the potential to attract more local and international investors and foster innovation and competition that will drive down costs and improve the overall efficiency of our energy sector.”
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