Fuel Subsidy Removal Funds Major Infrastructure Projects, Tinubu Says

President Bola Ahmed Tinubu asserted that the removal of Nigeria's petrol subsidy has unlocked funds for significant infrastructure projects and ensured the regular payment of salaries to workers nationwide. He made these remarks while meeting with executives from the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG) in Abuja, acknowledging their support for his administration's economic reforms.

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I had a threat of possible strike and I have noticed you may strike all you want but the first subsidy will be gone.

Tinubu described the subsidy regime as unsustainable and declared that the government would soon release details on how the funds saved from the policy have been utilized. He addressed arguments that the subsidy removal negatively impacted the 'common man,' countering that workers at all government levels are ordinary Nigerians who benefit from the government's ability to meet its salary obligations. "Who are the people receiving the salaries in the local government administration? Are they not common men and women receiving salary regularly at the state level?" he questioned.

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Today, to the benefit of our great country, I will soon publish the utilisation of what it is.

The president framed the economic reforms as part of a broader strategy to restructure the Nigerian economy, emphasizing that it is a complex system requiring financial engineering and research. He thanked stakeholders for their cooperation. Tinubu specifically linked the reforms to the government's capacity to finance major road projects, citing the Lagos-Ibadan Expressway, Abuja-Kaduna, Abuja-Sokoto, and Badagry road projects as examples of ongoing infrastructure investments aimed at boosting economic activity and enhancing public safety.

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Who are the people receiving the salaries in the local government administration? Are they not common men and women receiving salary regularly at the state level?

Additionally, Tinubu appealed to transport operators to ensure that the benefits of the government's compressed natural gas (CNG) initiative translate into lower fares for commuters. He noted that while CNG has reduced operating costs for some transport operators, these savings have not yet sufficiently lowered passenger fares. "Whatever benefit that is coming from CNG is going to the pocket of truck owners. It’s not spreading as fast as I would like it, but it should spread," he urged.

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The economy is not a church play. It’s a system of financial engineering and research.