Gov Abidoun says removal of fuel subsidy has saved Nigeria N5.4trn

The Ogun state Governor, Dapo Abiodun says President Bola Tinubu’s decision to end fuel subsidies has saved Nigeria N5.4 trillion, which he said would have been spent by the end of 2024.

While speaking at the 64th National Day celebration at the Cathedral Church of St. Peter in Abeokuta, Abiodun emphasized that this amount would have been disastrous considering the Federal Government’s N6.7 trillion budget for the same fiscal year.

“The Federal Government, under President Tinubu’s leadership, has taken bold initiatives to reposition our economy and prevent bankruptcy. We must persevere and recognize that the removed subsidy would have consumed N5.4 trillion, which can now be invested in infrastructure and social services.”

Abiodun urged Nigerians to engage constructively with the government, warning that protests would only lead to looting and vandalism. Instead, he encouraged resilience, prayer, and perseverance, emphasizing that this administration is inclusive.

President Tinubu during his inauguration on May 29, 2023, announced the removal of petrol subsidy, an action aimed at deregulating the petroleum sector. 

Nigerians have faced worsening living conditions, with a decline in disposable income due to inflation since the removal.