On Sunday, President Bola Tinubu announced that if his administration hadn’t stopped paying fuel subsidies, Nigeria would have gone bankrupt.

Despite the policy’s negative economic effects, he insisted that Nigerians would benefit most from it.

At the Special World Economic Forum in Riyadh, Saudi Arabia, Tinubu delivered a speech.

After taking office in May of last year, Tinubu carried out the directive from Muhammadu Buhari’s previous administration to stop providing gasoline subsidies.

The government would be able to save money for infrastructure construction, he claimed.

But because food prices skyrocketed, this action caused collateral volatility in the value of the Naira, which further hurt Nigerians.

In order to “reset the economy towards growth” and prevent his country from going bankrupt, Tinubu maintained at the WEF that eliminating the gasoline subsidy was a “necessary action.”

The Nigerian president acknowledged the challenges the decision presented and informed the audience that his government had put in place backup plans to lessen the impact on the country’s most vulnerable residents.

“Yes, there have been drawbacks. Yes, there was the expectation that a greater number of people would feel the difficulty, but, of course, I believed it was their interest that was the focus of government.

“It is easier to manage and explain the difficulties, but along the line, there was a parallel arrangement to cushion the effect of the subsidy removal on the vulnerable population of the country.

“We shared the pain across the board. We cannot but include those who are very vulnerable. Luckily, we have a very vibrant youthful population interested in discoveries by themselves, highly ready for technology, good education, and committed to growth,”

In addition, he said that the naira exchange rate unification was “necessary” in order to “remove the artificial element of value in our currency.”

The local currency was able to level up, “compete with the rest of the world’s currencies, and remove arbitrage, corruption, and opaqueness,” he claimed.

“We need to trade with one another, not fight each other,” stated Tinubu, underscoring the importance of economic growth and stability in West Africa.

“It is very, very necessary and compulsory for us to engender growth, stability, and economic prosperity for our people.”

On Sunday, Tinubu issued a strong exhortation to “pay attention” to the underlying reasons of instability and poverty in the Sahel region of Africa.

Tinubu further stated that inclusion and persistent economic cooperation are the best ways to achieve regional stability and progress.

“The rest of the world needs to look at the fundamentals of the problem; not just ordinary geopolitically, but it has to go to the root.

“Has the world paid attention to the poverty level of Sahel and the rest of ECOWAS?

“Have they helped the infusion of capital and paid adequate attention to the exploitation and opportunities availed by the mineral resources available?” During a panel discussion at the Special World Economic Forum in Riyadh, Saudi Arabia, Tinubu questioned.

In addition to urging larger economies to actively support the growth and prosperity of the continent, he called for international cooperation and inclusivity to stimulate capital formation and economic prospects in Africa.

In his remarks, he reviewed the work he had done in the last ten months as Chairman of the ECOWAS Authority of Heads of State and Government, detailing how he had leveraged Nigeria’s clout to prevent illegitimate political transitions and to loosen sanctions in order to promote better trade and regional economic growth.

Tinubu identified two issues that require immediate attention through inclusive programs that promote economic opportunity: “the fear of lack of capital in Africa” and “stigmatization.”

He emphasised the importance of economic collaboration, saying, “The capital formation necessary to drive the economy, like agriculture, food security, innovation, and technological advancement, must be an inclusive programme of the entire world. No one should be left behind.”

The high-profile forum in Riyadh, which is expected to address pressing global challenges across three core themes reviving global collaboration, fostering inclusive growth, and catalyzing action on energy for development is being attended by over 1,000 leaders from business, government, and academia from more than 90 countries.