Ogun State Governor, Dapo Abiodun, revealed on Sunday that Nigeria would have spent a staggering N5.4 trillion on fuel subsidies by the end of 2024 if President Bola Tinubu had not taken decisive action to remove it.
Speaking at a Special Church Service marking Nigeria’s 64th National Day celebration at the Cathedral Church of St. Peter, Ake, Abeokuta, Abiodun lauded the president’s move to end the fuel subsidy, which had seen fuel prices rise from around N200 to N1,000 per litre.
Reflecting on the potential impact of retaining the subsidy, the governor remarked that it would have been catastrophic for Nigeria’s finances, with the Federal Government’s budget for the fiscal year standing at N6.7 trillion.
“The Federal Government, under the amiable leadership of our President, Bola Ahmed Tinubu, wasted no time in embarking on some very bold and audacious initiatives aimed at repositioning our economy and saving us from bankruptcy. We must persevere,” Abiodun stated.
He further highlighted the financial drain the subsidy would have caused, “Mr. President removed the subsidy, which, if not curbed, would have cost us N5.4 trillion by the end of 2024. We have been busy subsidizing our neighbours; these are funds that can be invested in improving our infrastructure and other social services.”
According to Abiodun, the savings from the removal of the subsidy would now be directed toward infrastructure and other key sectors that benefit the nation.
“Our budget this year for infrastructure was N6.7 trillion, meanwhile, the subsidy would have consumed N5.4 trillion if not curbed or checked,” he explained.
The governor also called on Nigerians to engage constructively with the government, urging them not to participate in protests that lead to vandalism and looting.
He stressed that such actions only result in damage to public property without yielding solutions.
