Nigeria, Feb. 27 -- The Nigerian government said Tuesday the decision to remove petroleum subsidy is a challenging one but necessary move needed to promote long-term energy security and economic prosperity in the country.

President Bola Tinubu disclosed this at the opening ceremony of the ongoing 7th edition of the Nigeria International Energy Summit (NIES 2024) held at the presidential banquet hall in Abuja on Tuesday.

"Our great nation has long been dependent on the revenue generated from oil exports, and as we stand at the crossroads of the 21st century, it is imperative that we re-evaluate our energy policies to ensure a sustainable and secure future.

"The decision to remove the petroleum subsidy is a challenging one, but it is a s...