President Bola Tinubu has reaffirmed his administration’s commitment to channel adequate funding into critical sectors of the economy to rebuild public trust and drive inclusive national development.
Speaking at the opening of the National Conference on Public Accounts and Fiscal Governance, organised by the Public Accounts Committees of the Senate and House of Representatives, President Tinubu—represented by Minister of State for Finance, Doris Uzoka-Anite—said that reforms like subsidy removal were essential to placing the economy on a more sustainable path.
“In 2022 alone, Nigeria spent over ₦4 trillion on fuel subsidies—more than we allocated to capital expenditure,” Tinubu noted. “This was physically unsustainable and unjust, benefiting the affluent, encouraging smuggling, and breeding inefficiency.”
The President stressed that since the removal of fuel subsidies, funds have been redirected into targeted interventions such as:
- Expanded social safety nets
- Improved public transportation
- Financing of critical infrastructure
He also noted that these measures have strengthened Nigeria’s fiscal buffers, improving the country’s resilience to external economic shocks.
Tinubu described the reforms as painful but necessary, and urged greater accountability in public spending to ensure that redirected funds deliver measurable impact for all Nigerians.
