Tinubu on petrol subsidy: Nigeria can’t continue to be Father Christmas to neighbouring countries

President Bola Tinubu says his administration took the right decision by removing the subsidy on premium motor spirit (PMS), popularly known as petrol.

Tinubu spoke at a meeting with the National Council of Traditional Rulers of Nigeria (NCTRN) at Aso Rock on Friday.

The president described the subsidy as an elephant that could have brought the country to its knees because it is struggling to pay salaries.

He said Nigeria should not be Father Christmas to neighbouring countries by providing them subsidised petrol.

“I am grateful that you are paying attention to what I have been doing,” Abiodun Oladunjoye, the villa’s director of information, quoted the president as saying.

“You have paid attention to the subsidy removal. Why should we in good heart and sense, feed smugglers and be Father Christmas to neighbouring countries, even though they say not everyday is Christmas?

“The elephant that was going to bring Nigeria to its knees is the subsidy. A country that cannot pay salaries and we say we have potential to encourage ourselves.

“I think we did the right thing.”

The president said his administration would listen to counsel.

“We are all ears. We are ready to listen at any given time. I promise you an open-door policy and that is the way I will go. That open door policy is for you to call me and send to me at any given time any concern that you might have,” he said.

“We may not have it right 100 percent of the time but we must get it right 90 percent of the time for this country.”

On his part, Muhammad Saad Abubakar, Sultan of Sokoto, said the monarchs are in full support of Tinubu’s administration.

“We are 100 percent in support of your government and we believe in the will of the Almighty Allah you will move this country forward,” he said.

Petrol from Nigeria is regularly smuggled into nearby countries including Cameroon, Ghana, Benin Republic, and as far as Sudan.

In 2022, TheCable reported how petrol smuggling sustains the local economy of Nigeria’s border towns with the Niger Republic and Benin Republic.

Following the announcement of petrol subsidy removal in Nigeria, the product was sold for 700 CFA or 800 CFA in Benin Republic — up from a previous price of 450 CFA.

TheCable also reported that motorcyclists in Cameroon recently protested Nigeria’s subsidy removal, saying the development has adversely affected their business.