Nigeria could not have survived continued oil subsidy – Tinubu

By Kunle Sanni

President Bola Tinubu has defended his administration’s decision to remove the fuel subsidy, stating that Nigeria could not have sustained it any longer without severe economic consequences.

Speaking on Tuesday at the Conference Centre Banquet Hall in the Presidential Villa, Abuja, Tinubu emphasized that the subsidy removal has significantly increased allocations to states and provided more funding for local governments and education through the Nigeria Education Loan Fund (NELFUND).

“There is no way Nigeria could have survived a continuation of the oil subsidy,” the President said. “Today, I can beat my chest, and so can each of the governors here, that allocations to states have tripled. We have enough funding for local governments. We have NELFUND to fund our children.”

The President also reflected on global economic shifts, noting that Nigeria, as a leading African nation, must take charge of its development.

“I like what is happening around the world. If anything, it is teaching a lesson that we, particularly Nigerians, as a rich African country, can build ourselves and help Africa to grow,” Tinubu stated.

His remarks come amid significant policy shifts in global economic aid, particularly the recent suspension of United States Agency for International Development (USAID) funds.

The decision, made by the U.S. government, halted financial aid to several countries—a move many commentators see as a wake-up call for developing nations to embrace self-reliance.