Governor Dapo Abiodun has praised the bold decision by President Tinubu’s administration to remove the fuel subsidy, stating that it has saved Nigeria ₦5.4 trillion in 2024 alone.
Speaking during the 64th National Day celebration at the Cathedral Church of St. Peter in Abeokuta, the governor highlighted that the hefty sum would have placed a huge strain on the nation’s budget, which stands at ₦6.7 trillion for the fiscal year.
“If the subsidy had remained, it would have consumed ₦5.4 trillion, crippling the economy. Instead, this money can now be redirected into much-needed infrastructure and social services,” Abiodun stated, commending the Federal Government’s efforts to steer the country away from bankruptcy under President Tinubu’s leadership.
He further encouraged Nigerians to constructively engage with the government rather than resorting to protests, which could lead to looting and destruction. Abiodun stressed the importance of resilience, prayer, and unity, assuring citizens that this administration is committed to inclusivity and progress.
The removal of the fuel subsidy, announced by President Tinubu on May 29, 2023, aimed to deregulate the petroleum sector. However, since the policy shift, Nigerians have been grappling with inflation, leading to rising costs of living and reduced disposable income.
