President Bola Tinubu said on Monday that he has no regret removing subsidies on petrol.
The Nigerian leader spoke during his first Presidential Media Chat.
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He was asked if based on hindsight and the impact of his policies, he should have implemented the petrol subsidy removal and floating of the naira in phases.
Mr Tinubu responded by saying he did the right thing with the abrupt announcement of petrol subsidy removal during his inauguration on 29 May 2023.
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“I have no regret removing petrol subsidy”, he said.
Mr Tinubu had, in his inaugural address on 29 May 2023, announced the removal of the subsidy to lift a major financial burden off the back of the government.
The policies have engineered Nigeria’s worst cost-of-living crises in a generation with food prices increasing by over 200 per cent since Mr Tinubu assumed office.
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Also, the Central Bank of Nigeria (CBN) announced the unification of all segments of the Nigerian forex market.
The bank collapsed all official windows into the Investors & Exporters (I&E) window. This subsequently led to the close of the spread between the official and unofficial market segments.
Upon announcing the policy, for the first time in fifteen years, at the time, the naira traded at a weaker rate at the official market than in the parallel market.
READ ALSO: UPDATED: Tinubu blames organisers for fatal stampedes in Ibadan, Anambra, Abuja
On Monday, the president explained that the removal of subsidy on petrol and the harmonisation of forex were necessary to ensure a sustainable future for all Nigerians.
“We were spending our future. We were spending our generation’s fortune. We were not investing. We were just deceiving ourselves. Those reforms are necessary,” he added.
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