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Subsidy Removal Saved Nigeria from Bankruptcy – Tinubu
President Bola Ahmed Tinubu has strongly defended his administration’s decision to remove fuel subsidies, declaring that the bold move prevented Nigeria from sliding into economic bankruptcy.
Speaking during a high-level meeting with economic stakeholders on Friday, President Tinubu maintained that the subsidy regime had become unsustainable and was draining the nation’s resources at an alarming rate.
“The removal of the fuel subsidy saved Nigeria from bankruptcy,” Tinubu declared. “We inherited a system that was bleeding the country dry. Continuing with it would have led us straight into fiscal collapse.”
The President explained that the subsidy payments had reached over N4 trillion annually in recent years, consuming a massive portion of government revenue that could have been channelled into infrastructure, healthcare, and education. He noted that the funds saved are now being redirected toward critical developmental projects under his administration’s Renewed Hope Agenda.
Tinubu acknowledged the short-term pains experienced by citizens due to the policy but insisted the long-term benefits would outweigh the difficulties.
“We took the hard but necessary decision for the survival of our economy,” he said. “Today, we are seeing increased revenue, better targeting of social investments through programmes like the Conditional Cash Transfer and student loans, and a more transparent petroleum sector.”
The fuel subsidy removal in May 2023 was one of the first major policy decisions of the Tinubu administration and remains one of its most controversial. While it triggered a sharp rise in fuel prices, inflation, and cost of living, the government argues it has freed up resources and attracted greater private sector investment into the downstream oil sector.
Some economic analysts have supported the President’s position, noting that Nigeria’s fiscal deficit has narrowed and foreign reserves have strengthened since the reform. However, critics argue that the removal was poorly sequenced, lacking adequate social safety nets, and has contributed significantly to the current economic hardship faced by millions of Nigerians.
President Tinubu reiterated his commitment to implementing further reforms to stabilise the economy and ease the burden on citizens.
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NMDPRA, EFCC Storm Illegal Chinese Refinery in Ogun (Video)
The Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) and operatives of the Economic and Financial Crimes Commission (EFCC) on Tuesday stormed an illegal Chinese-operated refinery in Ogere-Remo, Ikenne Local Government Area of Ogun State.
The joint operation followed intelligence reports that revealed a well-fenced but crude yet technically sophisticated facility occupying more than three hectares of land.
During the inspection, officials observed underground tanks believed to have been used for heating and processing sludge oil, refining waste products, and substances suspected to be Automotive Gas Oil (AGO), popularly known as diesel. NMDPRA officials immediately sealed the facility.
Ogun State Coordinator of NMDPRA, Dr. Atilola Akinyemi, described the plant as a complete illegality operating without any permit from regulatory authorities.
“The underground storage facility behind the site has an estimated capacity of more than 90,000 litres, complete with underground heating systems, water hydrants for cooling, locally fabricated tanks and silos for separation,” Akinyemi told journalists.
He warned that if such adulterated products entered the market, they would pose serious risks to vehicles and engines. All recovered products have been confiscated by the Federal Government.
Director of the Department of Proceeds of Crime Management at the EFCC, Gbolahan Latona, stressed the need for collective patriotism in tackling economic crimes.
“Upon conclusion of investigation, the suspects will have their day in court and the proceeds of crime will be put to meaningful use,” Latona said.
Watch video below:
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Sanusi: Critics Are Not Enemies Of The Govt
” It’s not every time people talk about poverty or talk about difficulty that they’re just enemies of the government or making an attack on the president. That is not how to respond to economic distress,” he said.
The Emir of Kano, Alhaji Muhammadu Sanusi II, has advised the Federal Government against treating every comment about the administration as an attack on President Bola Tinubu.
The royal father gave the advise on the occasion of the Oxford Global Think Tank Leadership Conference, organised by the Oxford Global Think Tan.
Speaking virtually to the audience at the event, on Tuesday, Sanusi advised the government to tolerate constructive criticism.
“It’s not every time people talk about poverty or talk about difficulty that they’re just enemies of the government or making an attack on the president. That is not how to respond to economic distress,” he said.
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Urbanisation: Lagos To Fall Behind Luanda as sub-Saharan Africa’s biggest city by 2050
The report titled ‘Sub-Saharan Africa’s Urban Awakening: Catalyzing Economic Growth and Job Creation’, also calculated that sub-Saharan Africa’s urban population will increase by 748 million between 2025 and 2050, reaching about 1.7 billion.
A report conducted by the World Bank and the European Commission’s Joint Research Centre, has projected that Angola’s capital, Luanda,will overtake Lagos as sub-Saharan Africa’s most populous city by 2050, rising by 78 percent from 11.4 million to 20.3 million.
The report titled ‘Sub-Saharan Africa’s Urban Awakening: Catalyzing Economic Growth and Job Creation’, also calculated that sub-Saharan Africa’s urban population will increase by 748 million between 2025 and 2050, reaching about 1.7 billion.
The report estimated that Luanda’s population would increase from 11.4 million in 2025 to 20.3 million in 2050, adding 8.9 million residents over the period.
Lagos, the region’s most populous city in 2025 with an estimated 12.8 million residents, is projected to grow to 16.2 million by 2050, an increase of more than 25 percent.
Despite the growth, Lagos is expected to fall behind Luanda, whose population is projected to exceed that of Nigeria’s commercial hub by 4.1 million.
“Over this period, the population of Angola’s capital city, Luanda, is projected to increase by 78 percent from 11.4 million to 20.3 million.
In doing so, Luanda will overtake Lagos as SSA’s most populous city,” the report said.
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