Ogun State Governor, Dapo Abiodun, has revealed that the removal of the petrol subsidy by President Bola Tinubu will save Nigeria a staggering N5.4 trillion by the end of 2024. According to Abiodun, this decision was necessary to avoid economic disaster, as continuing the subsidy would have consumed a substantial portion of the federal government’s budget for the year.
The governor made these remarks during a special church service held at the Cathedral Church of St. Peter, Ake, Abeokuta, in commemoration of Nigeria’s 64th Independence Day. He emphasized that the funds saved from the subsidy could now be channeled into infrastructure development across the country.
Key Points:
- Subsidy Burden: Without removal, Nigeria would have spent N5.4 trillion on petrol subsidy by the end of 2024.
- Federal Budget Comparison: This amount would have nearly equaled the federal government’s total infrastructure budget of N6.7 trillion for the same fiscal year.
Governor Abiodun explained, “The federal government, under President Bola Tinubu’s leadership, took bold steps to save Nigeria from bankruptcy. The removal of the fuel subsidy ensures that we are no longer subsidizing neighboring countries, freeing up funds for critical national development.”
Call for Constructive Engagement
The Ogun State governor also urged Nigerians to avoid joining groups calling for protests, warning that such actions could lead to looting, vandalism, and destruction of public properties. Instead, he encouraged constructive dialogue with the government.
“We must persevere, pray, and hold onto our faith. Protests will not achieve anything but chaos. Let us work together with the government, knowing that this administration is inclusive,” Abiodun stated.
Measures to Cushion Economic Impact
In response to the economic challenges, Governor Abiodun highlighted various initiatives his administration has introduced to mitigate the effects of the subsidy removal on citizens. These include:
- Deployment of CNG-powered buses.
- Launch of energy transition programs like electric bikes (e-bikes).
- Reduced workdays for civil servants, from five to three days.
- Provision of free medical services for the poor and elderly.
Additionally, the governor announced plans to complete farmers’ markets across four zones in the state, where food will be sold at affordable prices. The state’s Gateway Trading Company will also soon begin operations, offering essential items at wholesale prices.
Church Service Message: A Call for Leadership and Unity
During the church service, Rev. Akinwande Odubena, Diocesan Bishop of Ijebu North Anglican Diocese, delivered a message titled “Leading Our Nation Forward in a Time Like This: Lessons from Elisha’s Leadership.” Quoting from the book of 2 Kings, Chapter 7, Verse 1, the bishop emphasized that leadership plays a crucial role in shaping the future of any country.
Rev. Odubena acknowledged the numerous challenges Nigeria is facing, including hyperinflation, oil theft, rising unemployment, insecurity, and infrastructure deficits. He called for hope and unity, urging both leaders and citizens to trust in God’s plan and work towards a prosperous future for Ogun State and Nigeria as a whole.