By Olokuta Rofiat
Nigeria is saving about ₦10 trillion annually following the removal of fuel subsidy, Senator Solomon Adeola has said, describing the policy as a major relief to the nation’s strained finances.
Adeola, who represents Ogun West and chairs the Senate Committee on Appropriations, spoke during a New Year thanksgiving service in Ilaro, Ogun State.
He said the subsidy regime had forced the government to borrow heavily each year to keep petrol prices low.
According to the lawmaker, the policy largely benefited a small segment of the population while draining public resources.
He noted that its removal has freed funds for broader national needs and improved fiscal stability.
Adeola added that the National Assembly is aligned with President Bola Tinubu on key economic reforms, including recent tax law changes aimed at boosting revenue and driving growth.
However, critics have called for greater transparency on how the savings from subsidy removal are being utilised across federal and state budgets.
The fuel subsidy was officially removed in May 2023 as part of President Tinubu’s economic reform agenda to cut deficits and redirect spending to infrastructure and social services.
