ABUJA, Nigeria (VOICE OF NAIJA)- President Bola Tinubu’s decision to end fuel subsidies is saving Nigeria more than N10 trillion each year, according to Senator Olamilekan Adeola, who represents Ogun West Senatorial District.
Adeola made the assertion while speaking at his 22nd thanksgiving service held over the weekend in Ilaro, Ogun State, where he defended the subsidy removal and ongoing tax reforms, saying they have halted years of financial drain and placed the economy on a sustainable footing.
He disclosed that before the policy change, Nigeria was borrowing between N7 billion and N8 billion every month amounting to at least N10 trillion annually to keep the subsidy regime afloat.
“Before subsidy removal, the country was bleeding financially. Today, Nigeria is on the right track. We can now predict the kind of economy we are running,” he said.
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“The micro-economy is improving, and serious work is ongoing to strengthen the macro-economy.”
The senator expressed confidence that Nigerians would soon experience the full impact of the reforms, describing them as vital to long-term economic stability and growth.
He cited major infrastructure developments, including the Lagos–Calabar Coastal Road and the Sokoto–Badagry Highway, as evidence of President Tinubu’s commitment to national development.
“In the area of infrastructure, the President has done excellently well. These projects are building a new Nigeria a Nigeria that works for everyone,” Adeola said.
On tax reforms, the senator dismissed reports of discord between the National Assembly and the Executive arm of government.
“There is no crisis over tax reform. Whatever is eventually implemented will be what the National Assembly passes,” he stated, emphasising that any amendments would be handled transparently and in the country’s best interest.
Adeola also commended Ogun State Governor, Prince Dapo Abiodun, for landmark projects such as the Gateway International Airport and the proposed seaport, noting that they are boosting the state’s economic potential.