President Bola Tinubu has stated that he has no regrets about ending the petrol subsidy in May 2023, emphasizing that Nigeria can no longer afford to act as a “Father Christmas” to its neighboring countries.
“I don’t have any regrets whatsoever in removing petrol subsidy. We are spending our future, we were just 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.
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Tinubu stated that the removal of the petrol subsidy 18 months ago has intensified competition within the sector, leading to a gradual reduction in the pump price of petrol.
“The market is being saturated. No monopoly, no oligopoly, a free market economy flowing,” he said.
The All Progressives Congress (APC) chieftain 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.
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