Connect with us

Hi, what are you looking for?

News

Gov Abidoun says removal of fuel subsidy has saved Nigeria N5.4trn – Ravenewsonline

Dapo Abiodun, Ogun state Governor, says President Bola Tinubu’s decision to end fuel subsidies has saved Nigeria N5.4 trillion, which he said would have been spent by the end of 2024.

While speaking at the 64th National Day celebration at the Cathedral Church of St. Peter in Abeokuta, Abiodun emphasized that this amount would have been disastrous considering the Federal Government’s N6.7 trillion budget for the same fiscal year.

“The Federal Government, under President Tinubu’s leadership, has taken bold initiatives to reposition our economy and prevent bankruptcy. We must persevere and recognize that the removed subsidy would have consumed N5.4 trillion, which can now be invested in infrastructure and social services.”

Abiodun urged Nigerians to engage constructively with the government, warning that protests would only lead to looting and vandalism. Instead, he encouraged resilience, prayer, and perseverance, emphasizing that this administration is inclusive.

President Tinubu during his inauguration on May 29, 2023, announced the removal of petrol subsidy, an action aimed at deregulating the petroleum sector.

Nigerians have faced worsening living conditions, with a decline in disposable income due to inflation since the removal.

 

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *

ad

You May Also Like

Tech

MTN Nigeria’s mPulse team recently visited Glorious Covenant School in Rivers State to celebrate the remarkable achievement of Ikenna Ikechukwu, the 2024 MTN mPulse...

Tech

A Senior Advocate of Nigeria (SAN) Femi Falana has filed a $5, 000, 000 (Five million US dollar) suit before a Lagos High Court...

News

Federal High Court in Lagos has declared that the Federal Competition and Consumer Protection Commission (FCCPC) has secured a landmark legal victory after the...

E-Financial

Central Bank of Nigeria (CBN) has announced new transaction fees for Automated Teller Machines (ATMs), set to take effect on March 1, 2025. A...