Nigerian President, Bola Tinubu, on Sunday, boasted that he saved Nigeria from going bankrupt by removing fuel subsidy on his first day in office.

Tinubu had, in his inaugural speech on May 29, 2023, pronounced that his administration would discontinue fuel subsidy payments and though the ripple effect of the removal has brought untold hardship and hunger, the President has continued to praise his courage in taking that decisive action.

Tinubu who spoke at the Special World Economic Forum in Riyadh, Saudi Arabia, on Sunday, admitted that though the policy came with economic pains, it was in the best interest of Nigerians, affirming that the move has save the government money for infrastructural expansion.

While addressing his audience, Tinubu argued that removing the petrol subsidy was a necessary action for Nigeria not to go bankrupt and to reset the economy towards growth.

Tinubu said that the petrol subsidy removal equally engendered accountability, transparency and physical discipline for the country.

“Concerning the question of the subsidy removal, there is no doubt that it was a necessary action for my country not to go bankrupt, to reset the economy and pathway to growth,” Tinubu said.

“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,” Tinubu explained.

The Nigerian Army Defence Headquarters (DHQ) says troops from different operation theaters across the country neutralised 216 terrorists and arrested 332 persons in the past one week.

A report released on Sunday morning by the Director, Defence Media Operations, Maj.-Gen. Edward Buba, disclosed that troops also succeeded in arresting 24 “perpetrators of oil theft and rescued 161 kidnapped hostages across the country” in the week under review.

Buba noted that troops in the Niger Delta region denied oil thieves crude estimated to be worth the sum of Four Hundred and Forty Eight Million Five Hundred Fifty Seven Thousand Five Hundred and Ninety Naira.

According to the Army spokesman, troops in the oil rich region also discovered and destroyed 97 dugout pits, six boats, 20 storage tanks, two receivers, 16 drums and seven vehicles used in oil bunkering activities.

“Other items recovered incl 174 cooking ovens, one pumping machine and 8 illegal refining sites,” the report noted.

“Troops recovered 533,127 litres of stolen crude oil and 24,520 litres of illegally refined AGO,” he said.

Gen. Buba said that in other operation theatres, troops recovered 234 assorted weapons and 5,994 assorted ammunition.

“A breakdown of the discoveries include 131 AK47 rifles, 3 PKT guns, one M16 rifle, 43 locally fabricated gun, 21 dane guns, one 105mm gun, 2 automatic pump action guns, 18 locally fabricated pistols, 8 single barrel guns, 2 automatic pump action guns, one LG4 bomb, one MG skeleton, 3 explosive IED case, one MOWAG APC, one 81mm mortar tripod stand

“Others are; 3,120 rounds of 7.62mm special ammo, 2,195 rounds of 7.62mm NATO, 211 rounds of 9mm ammo, 99 rounds of 7.62 x 25mm ammo, 467 live cartridges, one rifle butt, 15 magazines, 2 baofeng radios, 10 vehicles, 38 motorcycles, 43 mobile phones and the sum of N871,500.00 amongst other items.”

He reiterated that the military is going to continue to be very kinetic and strong against terrorists in ongoing counter terrorism and counter insurgency operations across the country.

“Indeed, we will banish and defeat terrorism from the nation rather than bow to it.

“Troops are maintaining the momentum in neutralizing the terrorist leaders and commanders. Indeed, we remain focused in fighting for the basic safety and security of citizens of this country,” he added.