Speaking at a public event, government representatives said the removal of the fuel subsidy was an unavoidable decision because the scheme had become financially unsustainable.
According to the officials, trillions of naira were being spent annually on fuel subsidies, with much of the benefits allegedly going to a privileged few rather than ordinary Nigerians.
"The fuel subsidy consumed trillions of naira every year. It was no longer sustainable and enriched only a few people more than it protected the average Nigerian worker whose welfare it was intended to defend," the government stated.
The administration also defended its foreign exchange reforms, arguing that the previous exchange-rate system was depleting Nigeria's foreign reserves and creating distortions within the economy.
Officials maintained that allowing market-based reforms was necessary to restore investor confidence, strengthen economic fundamentals, and promote sustainable growth.
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