During the Special World Economic Forum in Riyadh, Saudi Arabia, President Bola Tinubu addressed Nigeria’s decision to discontinue fuel subsidy payments, highlighting its crucial role in preventing the country from financial collapse. Tinubu emphasized that despite the economic hardships this policy shift caused, it was ultimately for the benefit of Nigerians.
Tinubu underscored the necessity of the move to end fuel subsidies, explaining that it was implemented to save government funds for infrastructural development. However, the discontinuation of subsidies led to challenges such as currency instability and increased food prices, impacting Nigerian citizens.
Acknowledging these difficulties, Tinubu stressed that his administration took measures to mitigate the effects on vulnerable populations. He noted that parallel arrangements were made to support those most affected by the subsidy removal, demonstrating the government’s commitment to shared sacrifice.
Furthermore, Tinubu defended the decision to unify the naira exchange rates, describing it as essential to eliminate artificial value and promote transparency in currency transactions. He argued that this move allowed the local currency to compete globally and reduce corruption.
In addition to addressing domestic economic policies, Tinubu emphasized the importance of stability and prosperity in West Africa. He called for regional cooperation and collaboration to foster economic growth and alleviate poverty, particularly in the Sahel region.
During a panel session, Tinubu urged global attention to the root causes of poverty and instability in Africa, advocating for inclusive programs that drive economic opportunities for all. He emphasized the need for international collaboration to address challenges such as capital formation and stigmatization, stressing that economic growth should be inclusive and leave no one behind.
Tinubu’s remarks at the forum underscored the importance of global cooperation in addressing pressing challenges and fostering inclusive growth and development. The event, attended by over 1,000 leaders from various sectors and countries, aims to tackle key global issues and promote collaboration across borders.
