Fuel subsidy: Tinubu to publish how saved funds were spent

President Bola Tinubu has stated that the Nigerian government will soon release details on the utilization of funds saved from the removal of the fuel subsidy. The announcement came during a meeting with the leadership of the Nigerian Union of Petroleum and Natural Gas Workers (NUPENG).

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

Tinubu defended the controversial subsidy removal, asserting that it has allowed the government to redirect resources towards critical areas, including long-term infrastructure projects. He cited major road networks such as the Lagos-Ibadan, Abuja-Kaduna, Abuja-Kano, and Sokoto-Badagry highways as examples of projects benefiting from this redirected funding. The President emphasized that these projects are crucial for the nation's economy and the safety of its citizens.

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But I listen to people who say common man and all of that, who are the people receiving the salaries in the local government administration.

Addressing concerns about the policy's impact on ordinary Nigerians, Tinubu questioned arguments that the economic policies have failed to benefit the "common man." He pointed to the regular payment of salaries to federal and state government employees as a direct benefit, arguing that this sustains economic activity, including businesses run by market women and the welfare of workers' families. The President described the economy as a complex system requiring financial engineering and research.

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But I’m glad you have seen the effects of being able to find funding for long-term projects. Legos-Ibadan Road, Abuja-Kaduna, Abuja-Kano, and Sokoto-Badagry, and the highways, and many other road networks.

Tinubu also recalled his pre-election discussions with NUPENG, where he had made his stance on the subsidy clear, even in the face of potential industrial action. He reiterated that the subsidy's removal was inevitable for the country's benefit and assured that the utilization of the saved funds would soon be made public. He urged NUPENG to ensure that the benefits of Compressed Natural Gas (CNG) initiatives reach commuters.

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It’s all for the good of us and the good of our economy and the safety of our people.