President Bola Tinubu has insisted that Nigeria would not have survived if the fuel subsidy had remained in place, emphasizing that the decision to remove it in May 2023 was necessary despite the challenges it brought.
Speaking at the All Progressives Congress (APC) national caucus meeting on Tuesday at the State House, Abuja, Tinubu acknowledged the hardship caused by some of his administration’s policies but maintained that they were essential for the country’s economic stability.
“The policies are difficult, but there is no way Nigeria could have survived the continuation of fuel subsidy, there is no way,” Tinubu stated.
He further disclosed that monthly allocations to state governments had tripled since the subsidy’s removal, providing more financial resources at the state and local government levels.
READ ALSO: Tinubu’s Fuel Subsidy Removal Saved $10bn in 2023 — Dep. Speaker Kalu
“I can beat my chest and each of the governors here can confirm that allocation to the states has tripled. We have enough funding from the local government,” the president added.
Despite Tinubu’s assertion, many Nigerians continue to grapple with severe economic hardship following the subsidy removal.
His remarks have also fueled concerns over how effectively state governments are utilizing the increased allocations to alleviate citizens’ suffering.