Subsidy removal repositioned Nigeria’s economy — Ex-Osun lawmaker

Olatunbosun Oyintiloye, a former Osun lawmaker and All Progressives Congress chieftain, has stated that President Bola Tinubu's removal of fuel subsidy was a strategic economic reform. According to Oyintiloye, this move repositioned Nigeria's economy for sustainable growth and recovery.

The subsidy regime had imposed a huge financial burden on the country, with petrol subsidy expenditure standing at about N4.39 trillion in 2022, as per government figures. Oyintiloye noted that Nigerians are beginning to appreciate the necessity of the policy following the Federal Government's decision to end the petrol subsidy regime.

The funds saved from subsidy removal have been deployed to critical sectors, including infrastructure, education, healthcare, transportation, and agriculture. Oyintiloye said the reform became necessary because Nigeria could no longer sustainably spend trillions of naira subsidising petrol consumption while facing fiscal pressures and development deficits.

Brief written by urgent.news from Punch Nigeria, Punch, Daily Post Nigeria — 3 reports on this story. Machine-written — may contain errors; check the original before relying on it.