President Bola Tinubu stated that the removal of the petrol subsidy in May 2023 was intended to release resources for investment in critical infrastructure.
Tinubu, made the remark yesterday when he declared open the 17th Annual Chartered Institute of Bankers of Nigeria, CIBN Banking and Finance Conference held in Abuja, describing this year’s theme for the CIBN Conference, ‘Accelerating Economic Growth and Development: The State of Play and the Way Forward,’ as both timely and significant.
The president, represented by the Vice president, Kashim Shettima, said though painful in the short term, the removal of fuel subsidies is intended to free up budgetary resources for essential investments in infrastructure and social services, reiterating that frequent adjustment of the monetary policy rate is a measure aimed at controlling inflation and promoting a more market-oriented exchange rate system.
Tinubu, while highlighting the challenges of the fuel removal, to include high inflation, rising costs of living, unemployment, infrastructure deficits, and the effects of global economic shifts, observed that these challenges also present opportunities for growth and development.
