President Bola Ahmed Tinubu has said the decision to remove petroleum subsidy was a challenging one, but a necessary step to secure long-term energy security and foster economic growth for the country.
The President said this on Tuesday while officially be opening the 7th edition of the Nigeria International Energy Summit (NIES 2024) at State Banquet Hall, Abuja.
The Summit, “Navigating the New Energy World Order: Security, Transition, and Finance.
Tinubu said to mitigate short-term effects of petroleum subsidy removal on the vulnerable population, his administration was committed to implementing social intervention programmes.
Tinubu represented by the Minister of Information and National Orientation, Mohammed Idris, said the petroleum subsidy had over the years strained Nigeria’s economic resources.
This, he said, led to inefficiencies and hindered investment in critical areas of energy security.
“By removing the subsidy, we are creating a more transparent and accountable energy security.
“The funds that were previously allocated to subsidising petroleum products are now redirected towards developing and and upgrading our energy and other social infrastructure.
“Furthermore, subsidy removal has encouraged further private sector participation in the energy industry with potential of attracting more local and international investors, innovation and competition in the sector.
“I am very aware of the immediate impact this decision may have had on our citizens, especially those with lower incomes.
“Therefore, in parallel with subsidy removal, my administratiion is committed to implementing social intervention programmes to mitigate the short-term effects on vulnerable populations”
He urged industry experts, policy makers and the public to engage in constructive dialogue and collaboration “as we navigate these challenging but transformative times.Together we can build a resilient and sustainable energy future for Nigeria”, he said.
-9News Nigeria.
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