A senator representing Ogun State has revealed that Nigeria saves over N10 trillion annually following the removal of fuel subsidies.
DDM gathered that the lawmaker attributed the savings to President Bola Tinubu’s bold decision to end decades of unsustainable fuel subsidy payments.
The senator explained that the subsidy removal is freeing up resources for critical sectors, including infrastructure, healthcare, and education.
He noted that the move is also boosting economic growth by allowing the government to allocate funds more efficiently.
According to the lawmaker, ending fuel subsidies reduces market distortions and encourages efficiency across the economy.
The senator emphasized that the policy strengthens Nigeria’s fiscal position and enhances macroeconomic stability.
He argued that subsidy payments had long placed enormous pressure on national finances.
The removal is expected to create fiscal space for investment in development projects nationwide.
The lawmaker highlighted that government resources previously spent on subsidies can now support social programs for citizens.
He said that efficient allocation of funds is key to sustaining long-term national growth.
The senator further stressed that fuel subsidy removal aligns with global economic best practices.
He pointed out that many countries have moved away from blanket fuel subsidies to encourage market-driven pricing.
According to the senator, such reforms are essential to attract foreign investment into Nigeria’s economy.
He added that subsidy removal promotes transparency and accountability in public finances.
The lawmaker called on citizens to support the policy despite initial concerns over fuel price adjustments.
He noted that public understanding and cooperation are critical to achieving the long-term benefits of the reform.
The senator highlighted that subsidy removal will ultimately make energy consumption more efficient and sustainable.
He said that the move discourages waste and ensures that resources are directed to areas of highest impact.
The lawmaker stressed that fuel subsidies had historically encouraged smuggling and other market abuses.
He explained that removing them reduces opportunities for corruption and black-market activities.
The senator added that fiscal savings from subsidy removal could fund key infrastructural projects, including roads and power generation.
He emphasized that improved infrastructure would, in turn, attract businesses and create jobs for Nigerians.
According to the lawmaker, the policy is a step toward building a resilient and self-sustaining economy.
He said that citizens’ support is crucial to the success of long-term economic reforms.
The senator reiterated that fuel subsidy removal is a necessary measure to secure Nigeria’s future prosperity.
He warned that maintaining unsustainable subsidies would continue to strain the nation’s budget and limit development.
The lawmaker encouraged Nigerians to view the policy as an investment in the country’s collective growth and well-being.
He concluded that deliberate, bold economic reforms are key to transforming Nigeria’s fiscal landscape.
The senator’s remarks reflect growing advocacy for structural economic reforms in Nigeria’s energy sector.
Observers say that effective communication and policy implementation are essential to maximize the benefits of subsidy removal.
Economic analysts note that the savings could significantly improve public service delivery if properly managed.
The lawmaker called on all stakeholders to work together to ensure the policy achieves its intended developmental goals.
He emphasized that subsidy removal is not merely a cost-cutting exercise but a strategic step toward national prosperity.
The policy is likely to remain a central focus of discussions in Nigeria’s ongoing economic reform agenda.
The senator urged citizens to monitor progress and hold government accountable for transparent use of funds saved.
He concluded that supporting the subsidy removal is in the collective interest of present and future generations of Nigerians.
