President Bola Ahmed Tinubu has said that funds saved from the removal of fuel subsidy are being redirected to key infrastructure projects, social support programmes, and economic reforms targeted at inclusive growth.
Speaking through the Minister of State for Finance, Dr. Doris Nkiruka Uzoka-Anite, at the opening of the National Conference on Public Accounts and Fiscal Governance in Abuja, Tinubu described the subsidy removal as a tough but necessary decision.
He revealed that over ₦4 trillion was spent on subsidies in 2022, surpassing capital expenditure allocations for that year. According to him, the subsidy mainly benefited the wealthy, encouraged smuggling, and promoted waste.
“With its removal, we are now investing in transportation, infrastructure, and strengthening fiscal stability,” Tinubu said.
The President also emphasised transparency and accountability, noting that new tax laws have been introduced to widen the tax net, harmonise taxes, and digitise collections.
He called on Nigerians, including the media, civil society, and the judiciary, to support efforts toward good governance.
Meanwhile, the Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, represented by House Leader Julius Ihonvbere, raised concerns over the non-recovery of over ₦300 billion highlighted in audit reports. He called for stronger sanctions and modern audit systems.
Senate President Godswill Akpabio, represented by Senator Abdul Ningi, urged the Public Accounts Committees (PACs) to use their oversight powers to ensure accountability, especially as some agencies continue to ignore legislative summons.
Senator Ahmed Wadada and Hon. Bamidele Salam, chairmen of the Senate and House PACs, respectively, called for a new approach to fiscal governance, rooted in transparency and citizen-driven reforms.
The conference ended with a call for stronger institutional collaboration, performance tracking, and inclusive budgeting to ensure sustainable national development.
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