President Bola Tinubu has said that savings from the removal of fuel subsidy are being redirected into critical infrastructure, social safety nets, and economic reforms aimed at fostering inclusive development and rebuilding public trust.
Speaking at the opening of the National Conference on Public Accounts and Fiscal Governance, organised by the Public Accounts Committees of the Senate and House of Representatives, Tinubu described the decision to end the subsidy as a difficult but necessary step towards fiscal sustainability.
The President, represented at the event by the Minister of State for Finance, Doris Uzoka-Anite, noted that Nigeria spent over ₦4 trillion on fuel subsidies in 2022 alone an amount that exceeded allocations for capital expenditure.
“This was not only fiscally unsustainable but also unjust,” he said. “Removing the subsidy has created fiscal space to invest in sectors that directly benefit the people.”
President Tinubu called on the National Assembly, particularly the Public Accounts Committees, to uphold their constitutional responsibilities with integrity, independence and courage, emphasising that effective oversight is essential for good governance.
Leaders of the National Assembly echoed the President’s sentiments, stressing that Nigeria’s progress is inseparable from strong fiscal accountability.
They called for a reimagining of the country’s fiscal framework to ensure greater efficiency and transparency in public spending.
The Public Accounts Committees of both chambers maintained that public trust in government can only be restored through measurable service delivery and open, accountable financial governance.
