Fuel subsidy would’ve cost Nigeria N5.4trn by 2024 ending

Gold Emmanuel 2 months ago

Fuel subsidy would’ve cost Nigeria N5.4trn by 2024 ending – Abiodun

Ogun State Governor, Dapo Abiodun, on Sunday, said the fuel subsidy would’ve cost Nigeria N5.4trillion by the end of this year if not removed by President Bola Tinubu.

Tinubu, in his inaugural address on May 29, 2023, announced an end to the fuel subsidy regime and the act has now pushed pump price up from about N200 to about N1,000 per litre.

Speaking in Abeokuta, Abiodun noted that it would have been disastrous for Nigeria to pay such huge amount on subsidy on fuel against the Federal Government’s budget of N6.7 trillion for the same fiscal year.

He spoke during the Special Church Service commemorating the 64th National Day celebration held at the Cathedral Church of St. Peter, Ake, Abeokuta.

The governor said the amount saved from the subsidy removal will be invested in improving infrastructure and other social services.

“The Federal Government, under the amiable leadership of our President, Bola Ahmed Tinubu, wasted no time in embarking on some very bold and audacious initiatives aimed at repositioning our economy and saving us from bankruptcy. We must persevere.

“Mr. President removed the subsidy, which, if not curbed, would have cost us N5.4 trillion by the end of 2024.

“We have been busy subsidizing our neighbours; these are funds that can be invested in improving our infrastructure and other social services.

“Our budget this year for infrastructure was N6.7 trillion, meanwhile, the subsidy would have consumed N5.4 trillion, if not curbed or checked,” Abiodun explained.

Abiodun called on Nigerians to engage the government constructively and not join those fanning the flames of discord, said that protests would not achieve anything other than looting and vandalism of public properties.

Earlier in his message titled “Leading Our Nation Forward in a Time Like This: Lessons from Elisha’s Leadership,” the Diocesan Bishop of Ijebu North Anglican Diocese, The Rt. Rev’d Dr. Akinwande Godwin Odubena, who also read from the book of 2 Kings, Chapter 7, Verse 1, noted that leadership plays a crucial role in the future of any country.

Odubena, who noted that Nigeria is currently dealing with hyper-inflation, problems of oil theft, vandalism, an increase in unemployment that has given birth to internet fraud, insecurity, infrastructure challenges, kidnapping, and banditry, added that the citizens must be hopeful for a better Ogun State and Nigeria as a whole.

The Diocesan Bishop, while noting that it was important for the people and the leaders of Nigeria to trust in the plan of God, said that unity and prosperity must be prioritized.

While urging the leaders of the country to look into the current issues of hardship and hunger, Odubena said the country and its leaders must face their challenges head-on, persevere, and not allow anything to deter them from moving forward.

The Rt. Rev’d Odubena urged leaders in the country, state, local government areas, and homes to recommit themselves to God, appealing to the congregation and the people of the country to speak hope and not curse the nation and her leaders.

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Author: Gold Emmanuel

30 Sep 2024 @ 13:25pm

Category: NewsPoint - The News Aggregator

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