President Bola Tinubu has once again defended his administration’s decision to remove the petroleum subsidy, describing it as a tough but necessary step to rescue Nigeria’s economy from systemic corruption.

In his nationwide broadcast to mark Nigeria’s 65th Independence Anniversary on Wednesday, Tinubu explained that the subsidy regime had become a drain on the country’s resources, enriching only a few while leaving ordinary Nigerians with little to benefit from the nation’s wealth.

He noted that the May 29, 2023 decision to end fuel subsidy, announced on the very day of his inauguration, was not taken lightly but was essential to put Nigeria on a sustainable path. The move led to an immediate rise in petrol prices, inflation, and economic strain on citizens, but Tinubu maintained that continuing the old system would have dragged the country into bankruptcy.

“As a new administration, we faced a simple choice: continue business as usual and watch our nation drift, or embark on a courageous, fundamental reform path. We chose the path of reform. We chose the path of tomorrow over the comfort of today,” he said.

The president further explained that money saved from subsidy removal has been redirected into critical sectors such as education, healthcare, agriculture, infrastructure, security, and targeted social programmes for vulnerable Nigerians.

“Following the removal of the corrupt petroleum subsidy, we have freed up trillions of naira for investment in the real economy and social programmes, as well as to strengthen all tiers of government,” Tinubu stated.

Acknowledging the hardship that came with the reforms, Tinubu assured citizens that the sacrifices are already yielding results and will ultimately lay a solid foundation for Nigeria’s long-term economic stability.