Savings from the removal of fuel subsidies that helps the financing of infrastructures – Tinubu

President Bola Ahmed Tinubu said that the savings from the removal of the subsidy on petrol have helped his administration in financing critical infrastructures, social security networks and economic reforms aimed at reconstructing public trust and promoting inclusive development.

The president declared this Monday at the opening of a national conference on public finances and tax governance, organized jointly by the committees of the public finances (PAC) of the Nigerian Senate and the Chamber of Representatives.

Represented by the Minister of Finance, dr. Doris Nkiruka Uzoka-Anite, Tinubu said that the removal of the subsidy, although painful, was necessary to free the tax space and redirect national resources to sectors for the benefit of the wider population.

“Only in 2022, Nigeria spent over 4 trillions of Naira for fuel subsidies, more than we assigned to capital account expenses. This was not only physically unsustainable, it was not unjust. A subsidy that benefited the rich in a disproportionate way, encouraged the smuggling and the smuggling and was neither equ allocation nor strategic.

“From its removal, we have redirected these funds in targeted interventions, expanding our social security networks, improving public transport and financing critical infrastructure projects. Above all, we have strengthened our tax buffers, making Nigeria more resistant to external shocks,” he said.

He invited the National Assembly, in particular the Committees of public finances, to support their constitutional duty with integrity, courage and independence.

“Supervision is not a political tool. It is a patriotic duty. Each project must be guided by a money value and every budget must reflect the new priorities of our people,” he said.

The President of the Senate, Godswill Akpabio, who was represented at the event by Senator Abdul Ningi, urged the committees to assert their constitutional powers in applying transparency and responsibility in the government.

“The committees of public accounts are not only legislative creations, but they are constitutional bodies enhanced by sections 80, 81 and 88 of the Constitution to act as a guard dogs of public funds,” he said.

Also in his observations, speaker of the House of Representatives, Hon. Abbas Tajudeen, launched alarm for the unresolved tax infringements of Nigeria, stating that more than N300 billion of public funds marked by Audit relations have not remained without a tail.