ABUJA, Nigeria — Nigerian President Bola Tinubu on Wednesday protected the West African country’s choice last week to stop supporting fuel, a relocation that hasactually pressed up costs for transport and products.
Tinubu appealed for persistence as millions of people face extra financial challenge. The cash conserved by ending the decades-old aid will aid the federalgovernment’s efforts to battle hardship and execute other efforts, he informed guvs in a conference in Nigeria’s capital city, Abuja.
“We can see the results of hardship on the dealswith of our individuals. Poverty is not genetic, it is from society. Our position is to getridof hardship,’’ a declaration from the Nigerian presidency estimated Tinubu as stating.
The guvs supported the aid’s elimination and guaranteed to work together in executing it, the presidency’s declaration stated.
Though Nigeria is an oil-producing country, it depends on imported fine-tuned petroleum items, and the federalgovernment has subsidized the expense for years.
But with oil profits diminishing amidst persistent theft and reducing foreign financialinvestment, the federalgovernment stated the fuel aids are no longer financially sustainable. It allocated 4.4 trillion naira ($9.5 billion) for the aids in 2022, far more than fo