Governor Abidoun: Nigeria Saves N5.4 Trillion from Fuel Subsidy Removal

Ogun State Governor Dapo Abiodun stated that President Bola Tinubu’s decision to eliminate fuel subsidies has saved Nigeria N5.4 trillion, funds that would have been spent by the end of 2024.

Speaking at the 64th National Day celebration at the Cathedral Church of St. Peter in Abeokuta, he highlighted that this savings would have been catastrophic given 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 encouraged Nigerians to engage constructively with the government, cautioning that protests could lead to looting and vandalism.

He urged resilience, prayer, and perseverance, emphasizing the administration’s commitment to inclusivity.

During his inauguration on May 29, 2023, President Tinubu announced the removal of the petrol subsidy to deregulate the petroleum sector.

Since this decision, Nigerians have experienced worsening living conditions, with disposable income declining due to rising inflation.