Senator Solomon Adeola, Chairman of the Senate Appropriation Committee representing Ogun West, has revealed that President Bola Ahmed Tinubu‘s removal of fuel subsidies is saving Nigeria more than N10 trillion annually.
Okay News reports that Adeola made the disclosure on Saturday in Ogun State, describing the policy as a bold strike against a “cankerworm” that drained public finances for decades.
He testified from his experience as former Senate Finance Committee Chairman, recalling annual borrowings of N6–7 trillion to fund subsidies that disproportionately benefited a privileged few.
Adeola hailed Tinubu for easing fiscal pressures within two years in office, freeing resources for national development.
The senator highlighted massive infrastructure reinvestments, including the Lagos-Calabar Coastal Highway spanning multiple states and the Sokoto-Badagry Super Highway featuring 66 dams upon completion.
He argued these projects signal the birth of a “new Nigeria” focused on long-term prosperity and connectivity.
The subsidy was officially ended in May 2023 shortly after Tinubu’s inauguration to curb leakages, reduce deficits, and redirect funds to critical sectors.
While the move has driven up fuel prices, transport costs, and inflation—drawing criticism from labour and civil society—supporters emphasise the fiscal relief.
Previous estimates from the presidency in 2024 pegged annual savings at $7.5 billion, while the 2024 Accelerated Stabilization Plan projected prior subsidy costs at N5.4 trillion.
Adeola’s N10 trillion figure underscores escalating pre-removal burdens and reinforces the administration’s narrative of transformative fiscal discipline.
