Fuel subsidy could have hit ₦53tn without Tinubu’s reform – NRS chair

Zacch Adedeji, the Chairman of the Nigeria Revenue Service, has revealed that Nigeria's petrol subsidy bill could have reached ₦53 trillion if the subsidy had remained in place. Adedeji made the claim during an interview on Channels Television's Sunday Politics programme, defending President Bola Tinubu's economic reforms. He emphasized that the removal of petrol subsidy was the best decision for Nigeria, contributing to the positive economic outcomes being recorded by the government.

Adedeji noted that the subsidy had been a burden on the country's finances, particularly due to global energy market pressures and the Iran crisis. He also defended the government's exchange-rate reforms, urging Nigerians to evaluate the administration's decisions rationally. President Tinubu removed petrol subsidy in May 2023, leading to a surge in petrol prices and higher transportation, food, and production costs.

The policy has also boosted government revenues and increased allocations to the three tiers of government through the Federation Account.