President Bola Tinubu has stood by his administration’s decision to eliminate the petrol subsidy, stating that the move is crucial for reallocating financial resources towards essential investments. Speaking at the 17th Annual Banking and Finance Conference of the Chartered Institute of Bankers of Nigeria (CIBN) in Abuja, he emphasized that this step is part of broader efforts to reform the Nigerian economy.
Tinubu, represented by Vice President Kashim Shettima, said that removing the subsidy on Premium Motor Spirit (PMS) is necessary to address Nigeria’s pressing economic issues and restore stability. He highlighted that these reforms, though challenging in the short term, are designed to strengthen the nation’s macroeconomic environment.
This year’s CIBN conference, themed ‘Accelerating Economic Growth and Development: The State of Play and the Way Forward,’ provided a platform for financial leaders to discuss strategies for fostering economic growth amid ongoing reforms.
“We have made bold decisions to revitalize the economy,” Tinubu noted. “By eliminating fuel subsidies, we aim to redirect resources towards infrastructure and social services, reduce inflation, and stabilize the exchange rate. These reforms are crucial for restoring investor confidence and promoting sustainable growth.”
The president also stressed the importance of collaboration between the government, private sector, and civil society to ensure the success of these reforms. He called for aligned policies that reflect the evolving global economic landscape.
Earlier at the event, CIBN President Prof. Pius Deji Olanrewaju urged for creative solutions to Nigeria’s economic challenges, acknowledging that while progress is being made, significant obstacles remain. He stressed that the success of policies aimed at stabilizing the economy will depend on the dedication and professionalism of those in the financial services sector.
Ola Olukoyede, Chairman of the Economic and Financial Crimes Commission (EFCC), added that the EFCC will play a critical role in cleaning up the financial system. He called on bankers to prioritize the nation’s long-term interests over short-term profits, stating that such a shift in focus is essential for lasting economic progress.
