President Bola Tinubu has defended the removal of the fuel subsidy, revealing that over ₦4 trillion saved in 2022 has been redirected toward critical infrastructure, social programmes, and targeted economic interventions.

Speaking at the National Conference on Public Accounts and Fiscal Governance in Abuja, Tinubu, represented by Minister of State for Finance Doris Uzoka-Anite, described the subsidy regime as unsustainable and unjust.

“Fuel subsidies benefited the wealthy, encouraged smuggling, and bred inefficiency,” he said. “Now, those funds are expanding social safety nets, supporting public transport, and building key infrastructure.”

He also cited tax reforms aimed at widening the tax net, easing compliance for small businesses, and digitising revenue collection. According to Tinubu, these reforms are meant to shift Nigeria away from oil dependency and build a more resilient, inclusive economy.

On monetary policy, he praised improved coordination between fiscal and monetary authorities, saying it was helping to stabilise the naira and ease inflation, particularly in food markets.

The president stressed that oversight in government must focus on value for money and called on lawmakers to uphold transparency as a patriotic responsibility.