Nigeria would have been worse without subsidy removal – FG

Mohammed Idris, the Minister of Information and National Orientation, has said that things would have been worse in Nigeria if fuel subsidy was not removed.

Idris stated while defending the removal of subsidy on premium motor spirit otherwise known as petrol when featuring on Channels Television’s Sunrise Daily.

In his inauguration speech as President at Eagle Square, Abuja in May 2023, President Bola Ahmed Tinubu declared that “subsidy is gone.”

Tinubu said the subsidy could no longer justify its ever-increasing costs in the wake of dwindling resources.

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With the declaration, the price of petrol has steadily risen to about N600 per litre.

But during the interview, Idris said that President Tinubu and his team had to reset the economy.

He said, “You’re premising your argument on the fact this problem just started yesterday. The foundation of our economy had taken a beating a long time ago. The substructure of our national economy has been one that cannot hold a meaningful substructure on it.

“So, it is important that Nigerians recognise that the President and his team would have to go back to reset that and that is why from day one, he said, ‘Look, subsidy issue has to go’. He had to expect that there would be this pain, of course.

“He anticipated that Nigerians would encounter some difficulties. But it would be worse if that subsidy did not go. It would have been difficult to carry out any meaningful development. We needed to free up resources.

“Of course, everybody is being investigated. Security agencies are doing their jobs in that direction.”