{"id":5548,"date":"2025-07-15T18:19:08","date_gmt":"2025-07-15T18:19:08","guid":{"rendered":"https:\/\/dailyechoes.ng\/?p=5548"},"modified":"2025-07-15T18:19:29","modified_gmt":"2025-07-15T18:19:29","slug":"tinubu-reveals-how-money-from-fuel-subsidy-removal-are-being-used","status":"publish","type":"post","link":"https:\/\/dailyechoes.ng\/index.php\/2025\/07\/15\/tinubu-reveals-how-money-from-fuel-subsidy-removal-are-being-used\/","title":{"rendered":"Tinubu reveals how money from fuel subsidy removal are being used"},"content":{"rendered":"
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By Our Reporter<\/div>\n
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President Bola Ahmed Tinubu has declared that savings from fuel subsidy removal are now being effectively channeled into the development of critical infrastructure required by the nation, social safety nets aimed at cushioning and easing the pains of economic reforms and the hardship it has brought on the citizens.<\/div>\n
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He explained that the funds are being strictly monitored and carefully managed to build public confidence and trust in the activities and programmes of the present administration and has become a signpost to what the future holds for the nation as it affects economic growth.<\/div>\n
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The President spoke through the Minister of State for Finance, Mrs. Doris Uzoka at the Conference on Public Accounts and Fiscal Governance organised jointly by the accounts committees of the Senate and House of Representatives of the 10th National Assembly at the Transcorp Hilton Hotel, Abuja.<\/div>\n
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President Tinubu remarked that although the removal of petrol subsidy was very painful,\u00a0 it was necessary to curtail the rising corruption in the petrol sector and to help redirect national resources to more gainful areas where finds will benefit all rather than a few profiteers.<\/div>\n
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Nigeria spent more than N4trillion on fuel subsidy in year 2022 alone, more than was allocated to capital projects but the huge expenditure did not guarantee availability or market stability for petroleum products in the country.<\/div>\n
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The President assured that the subsidy savings have been properly channelled into building infrastructures and the expansion of the social safety net that targets vulnerable people in the society apart from financing critical projects across the country.<\/div>\n
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He assured that the nation has become stronger today financially than it was under the past administration stating also that the country has confidently withstood many external shocks and is steadily moving on a more defined route to self-reliance.<\/div>\n
Chairman, Senate Public Accounts Committee (SPAC),\u00a0 Sen. Aliyu Ahmed Wadada told the gathering during g thr opening ceremony that the conference and issues outlined for discussion touches on the heart of Nigeria’s economic stability, institutional integrity and social transformation.<\/div>\n
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While stating that fiscal governance is more than technical concepts,\u00a0 Wadada said it determines whether government revenue becomes national prosperity or lost opportunities pointing out that as it stands today, Nigeria must quickly reexamine and reimagine its fiscal framework especially in this era of global uncertainties, dwindling revenues and public trust deficits.<\/div>\n
He concluded by stating that the nation must establish a culture of fiscal discipline anchored on transparency,\u00a0 accountability and citizen focused service delivery in order to survive the challening times.<\/div>\n
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The Chairman, House of Representatives Committee on Public Accounts,\u00a0 Hon. Bamidele Salam in his opening remarks stated that the conference theme: “Fiscal Governance in Nigeria,\u00a0 charting a new course for transparency and sustainable development,” was carefully chosen to emphasise the nation’s quest for better accountability,\u00a0 transparency and sustainable development in the managementof its financial resources.<\/div>\n
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“It is our collective responsibilities to ensure that public resources are managed in a lawful, transparent,\u00a0 prudent,\u00a0 judicious, accountable and efficient manner. This becomes even more expedient if one considers the dwindling resources, booming population, increasing rate of youth unemployment and the huge deficit in our infrastructure and social service systems especially in the last two decades,” Salam remarked.<\/div>\n
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He acknowledged the various initiatives and reforms embarked upon by the present administration to enhance public revenue generation, remove wastage and address various economic and social challenges under the Renewed Hope Agenda of President Bola Ahmed Tinubu.<\/div>\n
Salam however stated that the nation must unite around the common agenda of combating institutionalised corruption, impunity and flagrant abuse of due process in public sector financial management, stating that it has become more urgent today than it was in the past.<\/div>\n
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He said that Nigeria’s future and its overall progress and survival cannot be separated from sound financial administration, assuring that the conference will hopefully provide solutions to the tirade of problems facing budgeting, and prudent financial management in the country.<\/div>\n
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“As Africa ‘s largest economy and the most populous black nation on earth, Nigeria must play a leading role in the economic emancipation of this continent and there is no way to achieve this without making very concerted, conscious efforts to recalibrate our fiscal responsibility systems and improve on our global transparency index,” Salam concluded.<\/div>\n","protected":false},"excerpt":{"rendered":"

By Our Reporter President Bola Ahmed Tinubu has declared that savings from fuel subsidy removal are now being effectively channeled into the development of critical infrastructure required by the nation, social safety nets aimed at cushioning and easing the pains of economic reforms and the hardship it has brought on the citizens. He explained that […]<\/p>\n","protected":false},"author":2,"featured_media":1486,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[1095,993,1461,2609,1143,1455,3599,2505],"class_list":["post-5548","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-politics","tag-critical","tag-economic","tag-efficiency","tag-emancipation","tag-infrastructure","tag-knowledge","tag-of-continent","tag-solutions"],"_links":{"self":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/5548","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/comments?post=5548"}],"version-history":[{"count":1,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/5548\/revisions"}],"predecessor-version":[{"id":5549,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/posts\/5548\/revisions\/5549"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/media\/1486"}],"wp:attachment":[{"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/media?parent=5548"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/categories?post=5548"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dailyechoes.ng\/index.php\/wp-json\/wp\/v2\/tags?post=5548"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}