Fuel Price Hike to Boost Resources for Investments – Tinubu Tells Nigerians

President Bola Ahmed Tinubu has justified the recent hike in fuel prices, emphasizing that it is a strategic move aimed at freeing up resources for critical investments in infrastructure and social services.

Speaking on Wednesday, Tinubu reiterated that although the removal of fuel subsidies is painful in the short term, it is designed to create long-term economic benefits.

He stated, "The removal of fuel subsidies is designed to free up budgetary resources for critical investments in infrastructure and social services."

The President acknowledged the negative microeconomic implications of this policy, including increased poverty, social unrest, and job losses in the informal sector.

However, he stressed that these measures are necessary to reform Nigeria’s macroeconomic environment, reduce inflation, stabilize the foreign exchange market, and improve fiscal management.

Tinubu's administration is committed to upgrading Nigeria’s infrastructure through public-private partnerships, investing in roads, railways, and energy projects to reduce transportation costs and improve market access.

Additionally, the government is prioritizing the digital economy to drive innovation and enhance financial inclusion, with initiatives such as the Digital Nigeria program aiming to train three million youths in digital technology and essential skills.

Despite calls from opposition parties and labor unions to reverse the fuel price increase, Tinubu remains steadfast in his decision, highlighting the importance of aligning policies with the changing global landscape to achieve sustained economic growth.

He called for collaboration across all sectors, including government, private industry, and civil society organizations, to overcome the challenges facing the nation and explore actionable strategies for sustainable development.