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How we’re spending fund recovered from subsidy removal — FG

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President Bola Tinubu’s administration has announced that N1 trillion was saved in June and July alone from fuel subsidy removal.

Mr. Tinubu declared the end of the subsidy regime in May 2023.

Prior to this, the Nigerian National Petroleum Company Limited spent N1.828 trillion on subsidies from January to May 2023, 55 percent higher than the same period in 2022.

The Minister of Information and National Orientation, Mohammed Idris, said funds saved from the removal of fuel subsidies are being channeled into transformative projects and initiatives by the Tinubu administration.

Speaking at the 2024 Annual Conference of the International Press Institute in Abuja, Idris highlighted the government’s commitment to utilizing these funds for programs like student loans, physical and digital infrastructure development, low-cost consumer credit, agricultural production, and targeted social investments.

Themed “Democracy, Media Freedom, and the Imperative of Protecting the Nigerian Civic Space,” the event also served as a platform for the minister to discuss the administration’s Renewed Hope Agenda.

He elaborated on proposed tax reforms, energy transition, judicial reforms, and measures to uphold media freedom and protect the civic space.

Idris stressed that these initiatives are designed to stimulate economic growth, improve citizens’ quality of life, and ensure a sustainable future for Nigeria, aligning with President Bola Tinubu’s vision for a renewed and prosperous nation.

He said, “Following the removal of petrol subsidy, President Tinubu is gradually guiding Nigeria into an unprecedented energy transition phase, launching a presidential initiative to move the country from fossil fuels to Compressed Natural Gas (CNG) as fuel for vehicles and machinery.

‘’The ongoing rollout of CNG and associated infrastructure is reducing transportation costs for Nigerians by up to 60 percent, creating jobs, and attracting tens of millions of dollars in local and foreign investment.

‘’The young people of Nigeria now have a clearer path to sustainable tertiary education through the Student Loan (Access to Higher Education) Act 2024, which has established the Nigerian Education Loan Fund (NELFUND).

‘’In multiple ways, the President is focused on putting more money in the pockets of Nigerians and creating avenues for sustainable prosperity.”