President Bola Tinubu said the removal of fuel subsidy was necessary to save Nigeria from bankruptcy.

"The removal of fuel subsidy is a necessary action for my country not to go bankrupt, to reset the economy and pathway to growth," Tinubu said on Sunday during the ongoing World Economic Forum in Riyadh, Saudi Arabia.

The move, announced by Tinubu on the day of his inauguration with his notable "subsidy is gone" declaration, sparked a surge in commodity prices, heightening economic challenges and drawing criticism from some quarters.

However, Tinubu stood firm on the policy shift, asserting its importance in rebooting the economy.

Addressing the forum, Tinubu emphasized the imperative of economic collaboration and inclusiveness for global stability.

He underscored the subsidy removal as crucial for Nigeria to avoid bankruptcy and chart a path towards growth.

Acknowledging the hardships accompanying the decision, Tinubu expressed conviction that it was ultimately in the best interest of the Nigerian people.

"It is going to be difficult, but the hallmark of leadership is taking difficult decisions at the time it ought to be taken decisively. That was necessary for the country," Tinubu affirmed.

He asserted that effective leadership entails making tough decisions decisively, even in the face of anticipated challenges.

In efforts to mitigate the impact of the subsidy removal, Tinubu highlighted parallel measures aimed at cushioning the effects on vulnerable segments of society.

"Luckily, we have a very vibrant youthful population interested in discoveries by themselves and they are highly ready for technology, good education committed to growth," Tinubu remarked.

Moreover, Tinubu underscored that the subsidy removal promotes accountability, transparency, and fiscal discipline, crucial elements for Nigeria's economic trajectory.

"The petrol subsidy removal equally engenders accountability, transparency and physical discipline for the country," Tinubu stated, urging a focus on the country's forward direction, stressing the importance of embracing change for sustainable growth.