President Bola Tinubu says the Federal Government will soon make public details of how funds saved from the removal of fuel subsidy have been deployed. He made the disclosure on Thursday while receiving the leadership of the Nigeria Union of Petroleum and Natural Gas Workers, NUPENG, in Abuja.
The President said the subsidy decision was taken after extensive engagement with organised labour before he assumed office. According to him, the policy was intended to free resources for other areas of the economy, while government would account for how the savings have been utilised.
Tinubu also defended his administration’s economic record, pointing to regular salary payments as one of the ways government spending circulates through households and businesses. He argued that workers’ earnings also support dependants and small businesses, including market traders, thereby contributing to wider economic activity.
On infrastructure, the President said the government had secured long-term financing for major road projects across the country. He cited the Lagos-Ibadan, Abuja-Kaduna, Abuja-Kano and Sokoto-Badagry routes among projects being pursued, saying the investments were aimed at supporting economic activity and improving the safety of Nigerians.
Tinubu also asked NUPENG to help ensure that the benefits of Compressed Natural Gas, CNG, reach ordinary commuters. He acknowledged that the reduction in operating costs had not spread as quickly as he expected, arguing that savings currently accruing largely to truck owners should also translate into lower costs for passengers.
The President commended NUPENG for its cooperation with his administration, describing the union as an important partner in the country’s economic and energy sectors. He recalled previous engagements with the union, including discussions around the subsidy policy before the 2023 presidential election.
Tinubu said the Federal Government would continue working with NUPENG on policies affecting the petroleum and transport sectors. The planned publication of the subsidy savings utilisation is expected to provide details on where the resources freed by the policy have been directed, amid continuing public debate over its economic impact.
