The Nigerian president argues for eliminating the fuel subsidy

In a Monday evening broadcast, Nigerian President Bola Tinubu acknowledged the economic suffering brought on by the elimination of a gasoline subsidy.

However, he claimed that eliminating the subsidy would save the nation “trillions of naira” per year, and that the money would be utilized to carry out measures that would support economic growth.

The removal of the long-standing subsidy has more than doubled the price of gasoline and increased the cost of food and other necessities.

However, Tinubu said that the government had established a fund to use the savings to build desperately needed infrastructure and offer low-interest loans to students, farmers, and small companies.

He declared that the government will keep an eye on gas prices and take action as needed.

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