Nigeria ‘ll Save N5.4trn from Subsidy Removal in 2024 – Ogun Governor

Ogun State Governor, Dapo Abiodun, has revealed that President Bola Ahmed Tinubu’s decision to end fuel subsidies has saved Nigeria N5.4 trillion, which would have been spent by the end of 2024.

Speaking at the 64th National Day celebration at the Cathedral Church of St. Peter in Abeokuta, Abiodun emphasized that this amount would have been disastrous considering the Federal Government’s N6.7 trillion budget for the same fiscal year.

“The Federal Government, under President Tinubu’s leadership, has taken bold initiatives to reposition our economy and prevent bankruptcy,” Abiodun stated.

“We must persevere and recognize that the removed subsidy would have consumed N5.4 trillion, which can now be invested in infrastructure and social services.”

Abiodun urged Nigerians to engage constructively with the government, warning that protests would only lead to looting and vandalism. Instead, he encouraged resilience, prayer, and perseverance, emphasizing that this administration is inclusive.

The Governor also highlighted his administration’s efforts to cushion the effects of the current realities, including:

1. CNG Buses: Deploying compressed natural gas buses to reduce transportation costs.

2. Energy Transition Programs: Launching e-bikes to promote alternative transportation.

3. Reduced Workdays: Decreasing workdays for civil servants from five to three days.

4. Free Medical Services: Providing healthcare for the poor and elderly.

Additionally, Abiodun announced the upcoming completion of farmers’ markets across the state’s four zones, where food items will be sold at affordable prices. The state government’s Gateway Trading Company will also begin operating soon, selling items at wholesale prices.