President Bola Tinubu has asserted that his administration is implementing safety nets to protect Nigerians most affected by economic reforms.
He highlighted the recent resumption of social investment programs, indicating their enhancement after a six-week hiatus, as announced by the Minister of Finance, Mr. Wale Edun, after Monday’s Federal Executive Council meeting.
Speaking at the seventh Nigeria International Energy Summit at the State House Conference Centre in Abuja on Tuesday, Tinubu emphasized the equitable sharing of the subsidy removal burden through these programs.
Nine months into his administration, Tinubu’s government ceased subsidies on petrol and unified foreign exchange rates, aiming to save funds for infrastructure expansion.
However, these moves have caused instability in the Naira’s value and led to hardships as food prices soar. Despite these challenges, Tinubu maintains that the country is on a path to recovery.
Addressing summit participants, Tinubu underscored the necessity of removing petroleum subsidies to secure energy future and foster economic growth.
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He highlighted redirected funds toward energy and social infrastructure development.
Tinubu pointed to recent statistics indicating an 8% increase in domestic oil production capacity, a reduction in petrol consumption by over a billion liters, and a 66% improvement in capital import.
While acknowledging the immediate impact on citizens, especially those with lower incomes, he reiterated the commitment to equitable burden sharing through social intervention programs.
As Nigeria transitions towards cleaner and sustainable energy sources, Tinubu stressed the need for innovation and collaboration.
He emphasized a smooth transition that leaves no one behind.
The seventh Nigeria International Energy Summit, running from February 26 to March 1, is convened by the federal government, with the Nigerian National Petroleum Company Limited as the national host.
Stakeholders aim to chart a sustainable path to accelerate energy security, transition, and finance.
Goodwill messages were delivered by several dignitaries, including the Minister of State for Petroleum Resources (Oil), Heineken Lokpobiri; Minister of State for Petroleum Resources (Gas), Ekperipe Ekpo; Group CEO of the NNPCL, Mr. Mele Kyari; Chairman of IPPG/Waltersmith Group, Abdulraaq Isa; OPEC Secretary General, Haitham Al Ghais; Secretary General of the African Petroleum Producers Organisation, Dr. Omar Ibrahim; and Permanent Secretary of the Ministry of Petroleum Resources, Nicholas Ella.
