President Bola Tinubu says he has no regrets about removing petrol subsidy in May 2023, insisting that Nigeria cannot continue to be Father Christmas to neighbouring countries.
“I don’t have any regrets whatsoever about removing the petrol subsidy. We are spending our future, we were deceiving ourselves, that reform was necessary,” the former Lagos governor told reporters during a chat on Monday at his Bourdillon residence in the highbrow Ikoyi area of the state.
Tinubu said that the removal of the petrol subsidy some 18 months ago increased competition within the sector and that the pump price of petrol gradually crashed. “The market is being saturated. No monopoly, no oligopoly, a free market economy flowing,” he said.
The Nigerian leader also said he does not believe in price control and he won’t go that path. “I don’t believe in price control, we will work hard to supply the market,” he said.
