President Bola Tinubu emphasized his administration's commitment to providing safety nets to support Nigerians hardest hit by economic reforms. Speaking at the seventh Nigeria International Energy Summit in Abuja, Tinubu highlighted the recent resumption of social investment programs aimed at protecting the most vulnerable during the subsidy removal period.

Nine months into office, Tinubu's administration discontinued subsidies on petrol and unified foreign exchange rates, aiming to save government funds for infrastructural expansion. Despite causing some instability in the value of the Naira and increased food prices, Tinubu insists the country is on a path to recovery.

Addressing participants at the summit, Tinubu stressed the necessity of removing petroleum subsidies to secure the country's energy future and foster economic growth. He cited the strain on economic resources caused by subsidies and emphasized redirecting funds toward developing energy infrastructure.

Tinubu acknowledged the immediate impact of these reforms on citizens, particularly those with lower incomes, and reaffirmed his administration's commitment to equitable burden sharing through social intervention programs.

As Nigeria approaches a new era of energy transition, Tinubu highlighted the shift towards cleaner and more sustainable energy sources. He emphasized the need for innovation and collaboration to ensure a smooth transition that leaves no one behind.

The seventh Nigeria International Energy Summit, NIES 2024, convened by the federal government, aims to accelerate discussions on energy security, transition, and finance. With over 6,000 foreign and local delegates in attendance, stakeholders are expected to chart a sustainable path forward in collaboration with key industry figures and organizations.

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