Fuel subsidy: Tinubu to publish how saved funds were spent

President Bola Tinubu announced on Thursday that the Federal Government would soon release information on how resources saved from the removal of fuel subsidy have been utilized. During a meeting with the Nigerian Union of Petroleum and Natural Gas Workers, Tinubu defended the decision to remove the fuel subsidy and highlighted government projects funded through long-term financing.

He recalled previous discussions with NUPENG, where the union had raised concerns over industrial action. Tinubu assured that he had made his stance on the subsidy clear before running for office. He emphasized that the removal of the subsidy enabled the government to redirect resources towards other areas of the economy. Details of the resource utilization would be made public soon.

Tinubu also defended the impact of the policy on ordinary Nigerians, questioning why only certain groups were considered "common man." He highlighted how regular salary payments have wider effects on the economy, benefiting businesses of market women and the welfare of workers' families. The President also discussed the successful funding of long-term infrastructure projects, such as the Legos-Ibadan, Abuja-Kaduna, Abuja-Kano, and Sokoto-Badagry road networks.

He urged NUPENG to ensure the benefits of Compressed Natural Gas (CNG) reached commuters, as the gains were not spreading as rapidly as desired. The President appreciated NUPENG's cooperation, describing them as a vital partner in the country's progress.