President Bola Tinubu has affirmed that Nigerians are now experiencing tangible benefits from his administration’s decision to eliminate fuel subsidies, with the reallocated funds supporting critical national development initiatives.
During his address at the National Conference on Public Accounts and Fiscal Governance in Abuja, the President outlined how these resources are being strategically deployed to expand social safety programs, upgrade public transportation infrastructure, finance essential development projects, and reinforce economic stability measures to protect against global financial uncertainties.
Represented by Minister of State for Finance Dr. Doris Uzoka-Anite, President Tinubu characterized the previous subsidy framework as “fiscally reckless and unjust,” disclosing that Nigeria’s 2022 fuel subsidy expenditure surpassed ₦4 trillion – exceeding capital investment allocations.
“A subsidy that disproportionately benefited the affluent, encouraged smuggling, and bred inefficiency was neither equitable nor strategic,” he stated, addressing public concerns about the policy’s impact on living costs.
The President emphasized fiscal transparency as fundamental to national progress, asserting that “without transparency, accountability, and sound management of public resources, no nation can prosper regardless of its natural wealth.”
He highlighted recent tax system reforms as evidence of the government’s commitment to restoring public confidence, including measures to streamline compliance procedures, broaden the tax base, and implement digital collection mechanisms to enhance efficiency and reduce revenue leakage.
Tinubu’s comprehensive economic strategy focuses on diversifying revenue sources through targeted investments in agriculture, manufacturing, digital technology, and renewable energy sectors, while acknowledging the Central Bank’s efforts to stabilize currency values and control inflation.
The administration has implemented digital platforms like IPPIS and GIFMIS to strengthen financial oversight across government operations. Senate President Godswill Akpabio, represented by Senator Abdul Ningi, expressed concern about increasing non-compliance with legislative summons by government agencies, describing it as “an affront to democracy.”
House of Representatives Speaker Abbas Tajudeen, through Leader Julius Ihonbvere, revealed over ₦300 billion in outstanding audit discrepancies, condemning such financial mismanagement as unacceptable during Nigeria’s economic recovery period.
Legislative financial oversight leaders issued strong calls for reform, with Senate Public Accounts Committee Chairman Ahmed Wadada demanding an end to fiscal irresponsibility, while House counterpart Bamidele Salam insisted on concrete actions to ensure “public funds are truly used for the public good,” stressing the need for measurable outcomes from the policy discussions.
The summit attracted international recognition, with African Organization of Public Accounts Committees President Hon. Medard Lubega Sseggona commending Nigeria’s leadership in promoting fiscal transparency across the continent. Head of Civil Service Didi Walson-Jack pledged full bureaucratic support for the reform agenda, describing the conference as crucial for strengthening governance accountability systems.
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