President Bola Tinubu has reaffirmed his administration’s commitment to allocating sufficient resources to key sectors of the economy, with the goal of rebuilding public trust and fostering inclusive national development.
Speaking on Monday through the Minister of State for Finance, Doris Uzoka-Anite, at the
opening of a national conference on Public Accounts and Fiscal Governance organized by
the Public Accounts Committees of the Senate and House of Representatives Tinubu
emphasized that the fuel subsidy removal, though difficult, was necessary to revive the
economy for the benefit of all Nigerians.
He noted that in 2022 alone, Nigeria spent over ₦4 trillion on fuel subsidies more than was
allocated to capital projects. He described the subsidy as fiscally unsustainable and unfair,
pointing out that it largely favored the wealthy, encouraged smuggling, and promoted
inefficiency, making it neither just nor strategic.
Since the removal of the subsidy, the funds have been redirected toward targeted
interventions expanding social safety nets, upgrading public transportation, and funding vital infrastructure projects. More importantly, we’ve reinforced our fiscal buffers, making Nigeria more resilient to external economic shocks,” President Tinubu said.
He noted that Nigeria’s economy has long struggled with structural inefficiencies, fiscal
leakages, and an overdependence on oil revenues. “However, we are not here to dwell on
past challenges, but to chart a new path forward,” he emphasized.
The President also highlighted that newly enacted tax laws are designed to simplify
compliance, broaden the tax base, improve collection, and enhance the overall ease of
doing business in the country.
President Tinubu explained that the ongoing reforms aim to broaden the tax base by
bringing the informal sector into the system, simplify compliance for small and medium-sized businesses, digitize revenue collection to reduce human interference and curb leakages, and streamline multiple taxes to improve the business environment.
Calling the new tax system “a governance imperative,” the President said his administration
is building the foundation for a self-sustaining economy one that shifts away from heavy
reliance on oil revenues toward a more diversified and inclusive revenue structure.
He also highlighted initiatives like the National Credit Guarantee Company, which is
designed to support local production, empower SMEs, and boost non-oil exports, as part of
efforts to reshape Nigeria’s economic landscape.
“These efforts are not just about economic indicators they’re about creating jobs, driving
innovation, strengthening economic resilience, and securing our nation’s long-term stability,” President Tinubu said.
On monetary policy, he commended the Central Bank’s role in stabilizing the naira, curbing
inflation, and improving coordination with fiscal authorities.
“There’s now stronger alignment between fiscal and monetary policies, and we are
committed to easing inflation by tackling structural challenges, especially within the food
supply chain,” he added.
