President Bola Tinubu has reiterated the commitment of his administration to deploy adequate funding to critical sectors of the economy, a move, he said, is aimed at rebuilding public trust and promoting inclusive development of the entire country.
He stated this on Monday at the commencement of a national conference on Public Accounts and Fiscal Governance, organised by the Public Accounts Committees of the Senate and House of Representatives.
Represented by the Minister of State for Finance, Doris Uzoka-Anite, Tinubu said the removal of the subsidy, though painful, was aimed at revamping the economy for the benefit of Nigerians.
“In 2022 alone, Nigeria spent over N4tn on fuel subsidies, more than we allocated to capital expenditure. This was not only physically unsustainable, but it was also unjust. A subsidy that disproportionately benefited the affluent, encouraged smuggling, and bred inefficiency was neither equitable nor strategic.
Since its removal, we have redirected those funds into targeted interventions, expanding our social safety nets, improving public transportation, and financing critical infrastructure projects. Most importantly, we have strengthened our fiscal buffers, making Nigeria more resilient to external shocks.”
The President stated that “for far too long, Nigeria’s economy has been burdened by structural inefficiencies, fiscal leakages, and an overreliance on oil revenues. But we are not here today to dwell on the challenges of the past. We are here to chart a new course.”
The President also added that recently enacted tax laws will simplify compliance, expand the tax base, make collection easier, and enhance the ease of doing business in Nigeria.
