Ogun State Governor, Dapo Abiodun, says that fuel subsidy would’ve cost Nigeria N5.4trillion by the end of this year if not removed by President Bola Tinubu.
Speaking at an event in Abeokuta on Sunday, September 29, Abiodun highlighted that paying such a massive amount for fuel subsidies would have been catastrophic for Nigeria, especially given the Federal Government’s N6.7 trillion budget for the fiscal year.
The governor said the amount saved from the subsidy removal will be invested in improving infrastructure and other social services.
“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.
We have been busy subsidizing 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.
