Tinubu: Subsidy Savings Funding Infrastructure

Abuja, Nigeria: At the inauguration of the three-day National Conference on Public Accounts and Fiscal Governance in Abuja organized by the Senate and House Committees on Public Accounts President Bola Ahmed Tinubu confirmed that savings from the fuel subsidy removal are being channelled into Nigeria’s transportation network and critical infrastructure development.

He reiterated the administration’s dedication to fiscal discipline, citing the recent approval of tax reform legislation aimed at bolstering governance and transparency.

Representing the President, Finance Minister of State Dr. Doris Uzoka-Anite explained that the subsidy removal is a strategic fiscal policy, intended to free up resources for impactful interventions. Key beneficiaries of these savings include social safety nets, transportation, and state and federal infrastructure—steps that align with efforts to enhance Nigeria’s economic resilience  .

Tinubu affirmed, “Our administration is committed to redirecting subsidy savings toward strategic programmes that enhance Nigerian welfare and economic stability.” He also emphasised that the newly signed tax reforms are central to capacity building in revenue mobilisation, plugging fiscal leakages, and promoting transparency across government agencies.

During the session, House Majority Leader Professor Julius Ihonvbere (standing in for Speaker Abbas Tajudeen) voiced concern over ongoing financial irregularities within MDAs, assuring attendees of the National Assembly’s steadfast commitment to enacting legislation that enforces accountability. Likewise, Senate President Godswill Akpabio, through Senator Abdul Ningi, urged Public Accounts Committees to strengthen oversight and ensure MDAs adhere to constitutional financial responsibilities.

Hon. Bamidele Salam, Chair of the House Public Accounts Committee, described the conference as “a timely initiative aimed at enhancing good governance,” stressing that meaningful development depends on financial transparency and accountability. Participants echoed this sentiment, affirming that the event would shape future policy frameworks to address socio-economic challenges and improve public sector efficiency.

By Enoch odesola/ july7,2025