President Bola Tinubu has defended the removal of subsidy on premium motor spirit (PMS), also known as petrol, saying it is designed to free up budgetary resources for critical investments.
Gatekeepers News reports that Tinubu, while speaking at the 17th annual Chartered Institute of Bankers of Nigeria (CIBN) banking and finance conference in Abuja, said: “We have taken bold steps to reform the macroeconomic environment. Our focus is on restoring confidence in the Nigerian economy through measures aimed at reducing inflation, stabilising the foreign exchange market, and improving fiscal management.”
He added that the removal of fuel subsidies, though painful in the short term, is aimed at freeing up resources for critical investments in infrastructure and social services.
Tinubu also reaffirmed his administration’s commitment to strengthening infrastructure development, investing in roads, railways, and energy projects through public-private partnerships. He emphasized the importance of the digital economy in driving innovation and financial inclusion.
“We are expanding broadband penetration and encouraging the growth of tech startups through initiatives such as the Digital Nigeria program,” he said.
The president called for collaboration across all sectors to achieve sustained economic growth, saying:
“It is essential to state that we are committed to achieving a 70% digital literacy level by 2027 through innovative approaches in delivering initiatives, continuous collaborations and stakeholder engagement.”
