Speaking yesterday at the opening session of the 7th edition of the Nigeria International Energy Summit (NIES) in Abuja, President Bola Ahmed Tinubu explained his decision to withdraw subsidy on petrol–maintaining that though it was a difficult and challenging, it was necessary for Nigeria’s future and economic growth. Tinubu stated that by removing the subsidy, he had created a more transparent and accountable energy sector. The President says Nigeria is currently at a crossroads of a rapidly transforming global energy landscape. He made clear that energy security was of paramount importance, as it is not just a national concern, but a global imperative, in the face of emerging challenges, both geopolitical and technological.
Tinubu who was represented by Minister of Information and National Orientation, Mohammed Idris, stated that Nigeria must ensure the resilience of its energy infrastructure was assured. That he understands as an effect of the decision to remove fuel subsidies and collapse the FX market, Nigerians have recently been experiencing economic hardship made worse by skyrocketing prices. However, stressed that the funds that were previously allocated to subsidizing petroleum products were now redirected towards developing and upgrading energy and other social infrastructure.
