The Presidency has announced that the estimated N5.4 trillion saved from subsidy removal in 2024 will be channelled into infrastructure development and social intervention programmes.
This move, according to the presidency, will benefit all tiers of government and enhance the quality of life for Nigerians.
Persecondnews reports that the Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, stated on X on Sunday that the funds will support key development projects across transport, healthcare, education, and infrastructure.
He said: “President Bola Tinubu’s administration is prioritizing refinery revitalization to reduce dependence on imported fuel and foster local production.
“This includes support for modular refineries and the operations of the new Dangote Refinery, which is expected to significantly bolster Nigeria’s fuel production capacity.”
Onanuga noted that the government’s approach is more practical and value-laden than selling national refineries to private interests that lack technical capability.
“The decision aligns with Tinubu’s strategy of revenue reinvestment to stimulate economic growth.
“The initiatives are expected to encompass projects that enhance both urban and rural infrastructure.”
Addressing recent criticisms from ex-Vice President Atiku Abubakar, Onanuga suggested that the presidential candidate of the People’s Democratic Party (PDP) should recognize the administration’s efforts in revenue generation for the Federation.
“It is expected of the former Vice President and Presidential Candidate of the People’s Democratic Party, Atiku Abubakar, to commend the Tinubu administration over revenue generation for the Federation,” Onanuga stated.
Onanuga also urged Atiku to engage in constructive discussions rather than perpetuating political distractions.
He also wrote: “The gradual increase in fuel prices has followed the removal of subsidies, with the government facing challenges in regulating petrol distribution to marketers and filling stations.
“The Nigerian National Petroleum Corporation Limited (NNPC Ltd.) has consistently raised its petrol prices over the past few months, attributing the hikes to market realities.
“The Dangote Refinery is selling its petrol at prices ranging from N970 to N990, maintaining that it is pricing its products based on market conditions.
“In conclusion, the N5.4 trillion subsidy savings are expected to make a significant impact on Nigeria’s infrastructure and social programs.
“With Tinubu’s administration prioritizing refinery revitalization and revenue reinvestment, Nigerians can expect improved living standards and economic growth.”
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