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Governor Abiodun: Fuel Subsidy Removal Saved Nigeria ₦5.4 Trillion

Published by Tope Fakinlede on September 30th, 2024.

Governor Abiodun: Fuel Subsidy Removal Saved Nigeria ₦5.4 Trillion

Fuel Price Hits N680 Per Litre In Abia

Ogun State Governor Dapo Abiodun has revealed that the removal of fuel subsidies by President Bola Tinubu has saved Nigeria an estimated ₦5.4 trillion by the end of 2024. He emphasized that maintaining the subsidy would have imposed a significant financial burden on the country, especially in light of the Federal Government’s budget of ₦6.7 trillion for the same fiscal year.

Speaking during a special church service to celebrate Nigeria’s 64th National Day at the Cathedral Church of St. Peter, Ake, Abeokuta, Abiodun noted that the funds previously allocated for subsidies are now available for critical infrastructure development.

He stated, “The President’s decision to remove the subsidy was crucial; if it had continued, it would have cost us ₦5.4 trillion by the end of 2024. We were essentially subsidizing neighboring countries, and now we can redirect those resources towards enhancing our infrastructure and social services.”

In a related message titled “Leading Our Nation Forward in a Time Like This: Lessons from Elisha’s Leadership,” Rt. Rev’d Dr. Akinwande Odubena, Bishop of the Ijebu North Anglican Diocese, highlighted the pivotal role of leadership in shaping the future of Nigeria. He addressed the challenges the nation faces, including hyperinflation, oil theft, rising unemployment leading to internet fraud, insecurity, and infrastructure deficits.

The bishop encouraged citizens to remain hopeful for a better Ogun State and Nigeria, emphasizing the need for unity and a commitment to God’s plans for the nation. He stressed that both the people and their leaders must prioritize collaboration and prosperity.