Why I decided to remove subsidy on petrol – Tinubu

President Bola Tinubu has explained why he removed subsidy on petrol.
The President stated this while speaking at the opening of the 2024 Nigeria International Energy Summit, NIES, in Abuja. On Tuesday
Tinubu was represented by his Minister of Information and National Orientation, Mohammed Idris.
According to Tinubu, it was a challenging decision to make, but necessary to ensure a transparent energy sector.
Idris said The petroleum subsidy has, over the years, strained the economic resources, leading to inefficiencies and, most importantly, hindering the ability to invest in critical areas of energy security.
He said By removing the subsidy, it creating a more transparent and accountable energy sector. The funds that were previously allocated to subsidising petroleum products are now redirected towards developing and upgrading our energy and other social infrastructure.