KEY POINTS
- Removal of fuel subsidies saves Nigeria over N10 trillion annually
- Senator Adeola highlights improved economic predictability and infrastructure projects
- Government projects growth, lower inflation, and efficiency gains under current policies
Nigeria is saving more than N10 trillion every year following the removal of fuel subsidy, according to Senator Olamilekan Adeola, representing Ogun West Senatorial District.
Speaking on Saturday at a thanksgiving service in Ilaro, Ogun State, to mark his 22nd thanksgiving celebration, Adeola said President Bola Tinubu’s reforms lifted a longstanding financial burden that had weighed heavily on the country
Before the subsidy removal, the government borrowed between N7 billion and N8 billion monthly to keep fuel prices low, which added up to an annual cost of over N10 trillion.
Economic stability on the rise after Subsidy Removal
Adeola said the policy shift has brought greater predictability to Nigeria’s economy. Small-scale businesses are thriving, and broader macroeconomic measures are being strengthened.
He described the reforms as deliberate steps toward stabilising the economy and ensuring fiscal responsibility, creating a clearer path for planning at both local and national levels.
The senator highlighted major infrastructure projects as proof of the benefits of ending fuel subsidies. He cited the Lagos–Calabar Coastal Road and Sokoto–Badagry Highway as developments that strengthen national connectivity and economic growth.
Adeola praised President Tinubu for making tough but necessary decisions, saying the effects of these reforms would become increasingly visible to Nigerians over time.
