Ogun State Governor Dapo Abiodun stated that President Bola Tinubu’s decision to end fuel subsidies has saved Nigeria N5.4 trillion, a sum that would have been spent by the end of 2024.
Speaking at the 64th National Day celebration at the Cathedral Church of St. Peter in Abeokuta, Abiodun highlighted that this savings is significant, especially in light of the Federal Government’s N6.7 trillion budget for the same fiscal year.
“The Federal Government, under President Tinubu’s leadership, has taken bold initiatives to reposition our economy and prevent bankruptcy. We must persevere and recognize that the removed subsidy would have consumed N5.4 trillion, which can now be invested in infrastructure and social services,” he explained.
Abiodun encouraged Nigerians to engage constructively with the government, cautioning that protests could lead to looting and vandalism. He urged resilience, prayer, and perseverance, emphasizing the administration’s commitment to inclusivity.
President Tinubu announced the removal of the petrol subsidy during his inauguration on May 29, 2023, as part of efforts to deregulate the petroleum sector. However, many Nigerians are experiencing worsening living conditions and declining disposable income due to rising inflation since the subsidy was removed.
