In a keynote address at the 2024 Nigeria International Energy Summit (NIES) in Abuja, President Bola Tinubu provided insights into the decision to remove the subsidy on petrol, emphasizing the necessity for transparency and accountability in the energy sector.

Acknowledging the hardship caused by the subsidy removal, President Tinubu assured the nation that the decision was made with the long-term interests of Nigeria’s energy security and economic prosperity in mind.

“The petroleum subsidy has strained our economic resources and hindered our ability to invest in critical areas of energy security,” President Tinubu stated. “By removing the subsidy, we are creating a more transparent and accountable energy sector.”

He further elaborated on the redirection of funds previously allocated to subsidizing petroleum products towards developing and upgrading energy infrastructure, emphasizing the importance of private sector participation in driving down costs and improving efficiency.

While recognizing the immediate impact on citizens, especially those with lower incomes, President Tinubu emphasized his administration’s commitment to implementing social intervention programs to mitigate short-term effects on vulnerable populations.

Calling for constructive dialogue and collaboration among stakeholders, including industry experts and policymakers, President Tinubu expressed confidence in building a resilient and sustainable energy future for Nigeria.

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