Dapo Abiodun: Petrol subsidy would have cost Nigeria N5.4trn in 2024

Dapo Abiodun, governor of Ogun state, says petrol subsidy would have cost Nigeria N5.4 trillion at the end of 2024.

On his inauguration on May 29, 2023, President Bola Tinubu announced the removal of petrol subsidy — an action aimed at deregulating the petroleum sector.

Since this policy change, Nigerians have faced worsening living conditions, with a decline in disposable income due to inflation.

Speaking during the special church service commemorating the 64th National Day celebration held at the Cathedral Church of St. Peter, Ake, Abeokuta, the governor said petrol subsidy would have negatively affected the nation’s economy.

“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,” he said.

“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 subsidising 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 advised Nigerians to always engage the government constructively and not join “those using protest to fan the flames of discord” in the country.

“Let us be resilient. Let us continue to pray, Let us persevere, and let us hold on to our faith in Almighty God,” he said.

“Let us not join those who continue to fan the flames of discord in our land. Those who are calling for protests, violence, and civil disobedience, which only leads to vandalism, looting, and destruction of public property.

“Let us engage constructively and work with the government, knowing that this administration is an inclusive one.”