Tinubu: Removing Fuel Subsidy Was Necessary for National Growth
President Bola Tinubu has defended the controversial removal of fuel subsidies, calling it a necessary step toward economic recovery and long-term national development .
Speaking at the National Conference on Public Accounts and Fiscal Governance in Abuja on Monday, Tinubu said:
“In 2022 alone, we spent over ₦4 trillion on fuel subsidies—more than our capital expenditure.”
He described the move as painful but vital , emphasizing that it freed up resources for more impactful investments.
“This was not just about saving money—it was about redirecting value to where it matters most.”
Saved Funds Going Into Infrastructure, Social Programs
Tinubu revealed that the government has redirected subsidy savings into:
- Critical infrastructure projects
- Strengthened social safety nets
- Targeted economic reforms
He stressed that these moves aim to rebuild public trust and promote inclusive development across Nigeria.
“We’ve expanded transportation networks, launched new infrastructure initiatives, and built stronger financial buffers,” he added.
He also noted that the subsidy removal helped reduce smuggling , curb inefficiencies , and lay the foundation for a more self-reliant economy .
Tax Reforms Also Driving Revenue Growth
The President highlighted recent tax reform laws passed by the National Assembly, saying they will help broaden Nigeria’s revenue base and make tax compliance easier for small businesses.
“These reforms simplify processes, digitize collections, and reduce leakages,” he explained.
He described the changes as part of his administration’s broader strategy under the Renewed Hope Agenda , which seeks to diversify Nigeria’s economy away from oil dependency.
Key sectors benefiting from this shift include:
- Agriculture
- Manufacturing
- Digital services
- Renewable energy
- Creative industries
He also praised the Central Bank of Nigeria (CBN) for its efforts in stabilizing the naira and reducing inflationary pressures.
Transparency Is Non-Negotiable – Tinubu
Tinubu reiterated that transparency and accountability remain central to his administration’s governance.
He pointed to digital tools like:
- Integrated Payroll and Personnel Information System (IPPIS)
- Government Integrated Financial Management Information System (GIFMIS)
- Open Treasury Portal
“Public funds must be traceable. Public officers must be accountable. Citizens must be informed.”
He urged all stakeholders to support the transition from opaque spending to open budgeting , reinforcing public confidence in governance.
Senate President Urges PACs to Assert Oversight Authority
Senate President Godswill Akpabio , represented by Senator Abdul Ningi , called on the Public Accounts Committees (PACs) of the National Assembly to assert their constitutional powers.
“Oversight is not political. It is patriotic duty.”
Akpabio condemned the growing trend of non-compliance with legislative summons , especially from major institutions like the CBN, NNPC , and FIRS .
“Refusing to appear before PACs is an affront to democracy and rule of law.”
He urged lawmakers to demand answers, track revenues, and ensure implementation of budgets aligns with national priorities.
House Speaker Warns Against Ignoring Audit Reports
Speaker of the House of Representatives, Abbas Tajudeen , raised concerns about ₦300 billion in unrecovered public funds flagged by audit reports.
“This level of non-compliance is unacceptable.”
He said the House has moved beyond passive review to active enforcement of audit recommendations , urging collaboration with anti-corruption agencies to hold offenders accountable.
“Fiscal responsibility cannot thrive without consequences.”
He also emphasized the need to modernize the audit process through:
- Real-time tracking tools
- Digitized reporting systems
- Automated audit software
“We are making transparency a democratic right—not just a technocrat’s privilege.”
Call to Action: Share Your Thoughts!
Do you think removing fuel subsidies has benefited Nigerians? Are the reallocated funds reaching the right areas?
💬 Leave a comment below and join the conversation on Nigeria’s evolving economic policies.
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