Nigeria, April 28 -- Nigerian President Asiwaju Bola Ahmed Tinubu has again explained his administration's decision to remove the petrol subsidy.

Tinubu, while speaking in Riyadh, Saudi Arabia, on Sunday as one of the panellists at the ongoing World Economic Forum (WEF), focuses on Global Collaboration, Growth and Energy for Development, said the subsidy was removed to reset Nigeria's economy and prevent the nation from going bankrupt.

Tinubu had announced the removal of the subsidy on May 29, 2023.

The development immediately led to a spike in the product's price and stoked inflation.

Speaking on Sunday, President Tinubu said: "For Nigeria, we are immensely consistent with the belief that economic collaboration and inclusiveness is n...