President Bola Tinubu says neighbouring countries benefitted more from Nigeria’s fuel subsidy policy as most of the petroleum products were often smuggled out by some people.
Speaking at a meeting with members of the Nigerian community in France on Friday, Tinubu described subsidy as “a scam” and “disincentive to growth”.
Politics Nigeria recalls that President Tinubu had announced the removal of fuel subsidy during his inaugural speech on May 29.
Addressing Nigerians in France, Tinubu revealled that the Special Adviser on Monetary Policy, Wale Edun, and Special Adviser on Special Duties, Communication and Strategy, Dele Alake, had excluded fuel subsidy removal in his inaugural speech, but he felt it was expedient to stop the policy on the first day.
“We have transport challenges, electricity challenges, infrastructural challenges and others. I let out the giant elephant of fuel subsidy without bringing down the house. Our diversity is our asset, if we know how to use it,’’ Tinubu said.
The president maintained that the fuel subsidy removal was in the best interest of Nigerians.
