President Bola Tinubu has reassured poor and vulnerable Nigerians of his administration’s commitment towards alleviating their plights.
Tinubu said this at the seventh Nigeria International Energy Summit at the State House Conference Centre, Abuja, Tuesday.
Tinubu said his administration is constantly working to provide safety nets to protect Nigerians worst-hit by the economic reforms.
The president cited the recent resumption of the social investment programmes as announced by the Minister of Finance, Wale Edun, as an indication of his government’s efforts.
“These programmes will, therefore, ensure that the burden of the subsidy removal is shared equitably and that the most vulnerable among us are protected,” Tinubu said.
While experts have blamed the current economic crisis on the removal of fuel subsidy, Tinubu said the move has saved the government monies for infrastructural expansion.
Tinubu also unified the foreign exchange rates, a move that have sparked instability in the value of the Naira and heaped hardship on Nigerians as food prices continue to soar.
However, Tinubu has insisted that the country is on a recovery path.
Addressing participants at the summit, Tinubu, represented by the Minister of Information and National Orientation, Mohammed Idris, said, “The decision to remove petroleum subsidy is a challenging one. But it is a step we must all take to secure our energy future and foster economic growth and development.
“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 subsidies, we are creating a more transparent and accountable energy future. The funds that were previously allocated to subsidising petroleum products are now redirected towards developing and upgrading our energy and other social infrastructure.”
He cited recent figures from the National Bureau of Statistics, which showed an improved domestic capacity to produce oil by 8 per cent, a drop in petrol consumption by over a billion litres and capital import improving by about 66 per cent.
Acknowledging the immediate impact of these reforms on citizens, especially those with lower incomes, Tinubu said his administration was committed to continuing social intervention programmes that will ensure that “the burden of the subsidy removal is shared equitably.”
As Nigeria stands on the brink of a new era of energy transition, the President also highlighted the shift towards cleaner and more sustainable energy sources.
Tinubu, who spoke on the theme Navigating the new energy world order: security, transition, and finance, said the new era of energy transition is “not only an environmental necessity but also an economic opportunity.”
