Removal of petroleum subsidies is difficult but essential: Tinubu

In order to ensure our energy future and promote economic progress, we must make the difficult decision to eliminate the petroleum subsidy, Mr. Tinubu stated.

The Nigerian government declared on Tuesday that eliminating petroleum subsidies is a difficult but vital step in advancing the nation’s long-term economic growth and energy security.

This was revealed by President Bola Tinubu during the opening ceremony of the 7th Nigeria International Energy Summit (NIES 2024), which took place on Tuesday at the presidential banquet hall in Abuja.

Since our wonderful country has historically relied on the money from oil exports, it is critical that we review our energy policy in order to guarantee a safe and sustainable future as we stand at the crossroads of the twenty-first century.

In the presence of Mohammed Idris, Minister of Information and National Orientation, Mr. Tinubu stated that energy security is a critical issue for any country aiming for economic growth and stability.

“It includes our energy infrastructure’s resilience as well as the accessibility and availability of energy resources,” he stated.

He continued by saying that the nation’s financial resources have been stretched over time by the petroleum subsidies, which has resulted in inefficiencies and, most significantly, made it more difficult to make investments in vital areas of energy security.

We are establishing a more accountable and transparent energy sector by eliminating the subsidies. The money that was formerly set aside to subsidize petroleum goods is now being used to improve and expand our energy and other social infrastructure, the speaker stated.

In addition, Mr. Tinubu stated that the elimination of the subsidy has promoted private sector involvement in the energy sector, which could draw in more domestic and foreign investors and promote innovation and competition that will lower costs and boost the sector’s overall efficiency.

“I am fully c

Energy safety

In terms of energy security, he emphasized the need to use innovation and teamwork to guarantee a seamless transition that leaves no one behind.

“Another important topic of our conversations is the energy transition. We are at the cusp of a new era in which cleaner and more sustainable energy sources are supplementing, and in certain circumstances even replacing, old energy sources,” he stated.

onscious of the potential immediate effects this decision may have had on our residents, particularly the less well-off ones. Thus, my administration is dedicated to putting social intervention programs into place in tandem with the reduction of subsidies in order to lessen the immediate

“These initiatives will guarantee that the most vulnerable members of society are safeguarded and that the cost of eliminating subsidies is distributed fairly. The choice to stop providing gasoline subsidies is not an

“Another important topic of our conversations is the energy transition. We are at the cusp of a new era in which cleaner and more sustainable energy sources are supplementing, and in certain circumstances even replacing, old energy sources,” he stated.

“We must leverage innovation and collaboration to ensure a smooth and just transition that will leave no one behind. Finance, as always, plays a pivotal role in driving the energy agenda.

“Adequate funding is crucial to support the development and deployment of cutting-edge technologies, infrastructure, and projects that will shape our energy future. As a nation, we must explore innovative financing models, engage with the private sector, and attract investments that will propel us towards a more resilient and diversified energy sector. Together, we can navigate the new energy world order with resilience, innovation, and a shared commitment to a sustainable and secure energy future for Nigeria,” he added.

Also speaking, the Permanent Secretary, Ministry Petroleum Resources, Nicholas Ella, said “The global energy landscape is undergoing a transformative shift. It is imperative that we collectively address the challenges and opportunities that come with this new order

Be the first to comment

Leave a Reply

Your email address will not be published.


*