President Bola Tinubu, Monday defended the removal of the fuel subsidy about 19 months ago.
Speaking during a presidnetial chat, Tinubu said the decision was a crucial one that needed to be implemented.
He expressed no regrets about the subsidy removal, emphasizing that it was a necessary step to address the economic realities his administration must confront.
He however said that the country is on the path of recovery.
Tinubu had presented the country’s 2025 budget proposal to the National Assembly, christened ‘Budget of Restoration: Securing Peace, Rebuilding Prosperity’.
The N49.7trillion budget aims to consolidate economic reforms, restore macroeconomic stability, foster inclusive growth, reduce poverty, and promote equitable income distribution.
Reacting to criticism on the budget presentation, he said: “Regardless of what critics are saying and the criticism, this is a budget of restoration and hope.
“Nigeria is on the path of recovery. We can’t finish the job in one calendar year. I’m not giving myself any excuse. It is only 18 months.
“The funds are used judiciously used. We consider the welfare of service men and women. We’ve a huge country with lot of forest, unoccupied spaces. So we need to give them credit for what they are doing today.
“We need to produce more for consumption locally. Give reasonable level of funding, and low interest rates to farmers. Improve the security so that people can return to farms and produce more food. Encourage procurement of manufacturing items. Production of jobs.
“We are talking of export incentives, building affordable transportation, we’ve compressed natural gas (CNG).”
On the planned tax reform, Tinubu said that the tax reforms initiated by his administration have come to stay.
The tax reform bills are currently before the National Assembly, though there are agitations by a section of the country against the bill.
The president explained that the benefits of the reforms far outweigh the concerns raised.
He added, “I am focused to ensure Nigerians get what they desire.