Nigeria would have spent a whopping N5.4 trillion on petrol subsidy in 2024 if President Bola Ahmed Tinubu hadn’t stepped in to remove them, Governor Dapo Abiodun of Ogun State says.
Puting that into perspective, the Federal Government’s budget for infrastructure this year is N6.7 trillion, which means the subsidy would have consumed almost 80% of that amount.
Speaking during the special church service commemorating the 64th National Day celebration held at the Cathedral Church of St. Peter, Ake, Abeokuta, the Governor said petrol subsidy would have negatively affected the nation’s economy.
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Governor Abiodun praised Tinubu’s bold move, saying it’s a step towards repositioning the economy and preventing bankruptcy.
“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.
“Mr. President removed the subsidy, which, if not curbed, would have cost us N5.4 trillion by the end of 2024.
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“We have been busy subsidising our neighbours; these are funds that can be invested in improving our infrastructure and other social services.
“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 said.
Abiodun advised Nigerians to always engage the government constructively and not join “those using protest to fan the flames of discord” in the country.
“Let us be resilient. Let us continue to pray, Let us persevere, and let us hold on to our faith in Almighty God.
“Let us not join those who continue to fan the flames of discord in our land. Those who are calling for protests, violence, and civil disobedience, which only leads to vandalism, looting, and destruction of public property.
“Let us engage constructively and work with the government, knowing that this administration is an inclusive one,” he said.
Nigerians are skeptical about the removal of subsidy, citing increased hardship and inflation. They’re asking tough questions, like what’s happening to the saved funds and how will they benefit the average citizen?
