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How we spent fuel subsidy, foreign exchange savings – FG

*** Says savings spent on debt servicing, student loan, new minimum wage, others
*** Promises to make details of expenditure public
By Sam Otuonye
As Nigerians groan under the frustrating hardship that trailed the removal of fuel subsidy by President Bola Tinubu, upon his assumption of office in May 2023, the federal government has explained how it managed the gains and savings that the country has made from the removal.
President Tinubu had in his inauguration speech at the Eagle Square in Abuja on May 29, 2023, shocked Nigerians when he announced the removal of fuel subsidy, a decision that immediately and subsequently raised the price of petrol to a top roof, with its corresponding increase in the prices of good and other services.
The president described fuel subsidy as a high-powered fraud among top government officials, while promising that savings from the removal would be channeled into other sectors that will add to the welfare of Nigerians.
The federal government took similar measures in other economic reforms, including the floating of the country’s currency (Naira) which was led to its drop in exchange with international domination like the American Dollar, Eurozone’s Euro and British Pounds Sterling.
But several stakeholders and opposition political parties have severally demanded that the government release details of the subsidy savings, and how it has managed the sum gained from it since 2023.
Minister of Finance and Supervising Minister of the Economy, Taiwo Oyedele, said on Thursday that the federal government had diligently utilised savings from the removal of fuel and foreign exchange subsidies to settle several other challenges that have promoted the welfare of the people.
Oloyede explained that the funds have been channelled into debt servicing, implementation of the new national minimum wage, student loans and other priority commitments.
Oyedele who spoke at the 7th Africa Emerging Markets Forum in Abuja, assured further that a detailed breakdown of the subsidy savings and how they have been spent would soon be made public.
He admit that Nigerians were right to demand accountability, adding that the government had a responsibility to explain how the funds had been utilised.
The minister disclosed that the combined cost of fuel subsidy, as well as the “subsidy on foreign exchange” amounted to about five per cent of Nigeria’s Gross Domestic Product (GDP), adding that although the reforms created fiscal savings, their broader objective was to eliminate distortions and curb corruption associated with the previous system.
Oyedele stressed that part of the savings had also been used to clear the Federal Government’s Ways and Means obligations, service increasing debt commitments and fund the implementation of the new national minimum wage.
He explained that before the reforms, government spending was largely supported through money creation, making it necessary to find alternative sources of funding after the subsidy removal.
“But the money saving is also important. In a few days, you will see the detailed analysis because we believe that we owe a duty to explain what we do to the Nigerian people. That’s what transparency looks like.
“If you stop printing money, the spending doesn’t disappear. You need to finance the money you were printing before. That was part of where the savings went,” he said.
He added that higher interest rates had significantly increased the cost of servicing the country’s debt.
“Instead of paying eight per cent on our debt, we’re paying as high as 24 per cent. When you need to service debts, you don’t debate whether you need to pay. You pay, and you pay on time,” he added.
Oyedele, who also said the increase in the national minimum wage from N30,000 to N70,000 had almost doubled the Federal Government’s wage bill, further disclosed that the savings had supported the Nigerian Education Loan Fund (NELFUND), through which more than 1.5 million students have received tuition support and monthly upkeep allowances.
Speaking on concerns over the Federal Government’s continued borrowing despite surpassing its revenue targets, Oyedele explained that higher revenue does not automatically eliminate the need for borrowing when projected expenditure still exceeds income
“The programme has eased financial pressure on many families, allowing parents to redirect resources to other essential needs.
“If you have a budget to spend 10 and your revenue target is six, you need to borrow four. If you eventually collect seven, you have exceeded your revenue target, but you still need to borrow three.
“We must add more value than the cost of every naira and every dollar that we borrow,” he said.
Uncategorized
Osun guber: APC senator recants, says “I meant kill Accord with votes, not violence” —
Few hours after his viral video generated criticisms and reaction over his charge on his supporters to “kill” any member of Accord Party who is seen in Ilesha, Senator Francis Fadahunsi, the lawmaker representing the Osun East Senatorial District, recanted his statement , and clarified the intention behind his ‘Kill Accord’ comment
The APC senator was seen In the video, speaking in Yoruba and accusing Accord Party members of attacking members of the All Progressives Congress, he therefore urged the gathering to attack Accord Party supporters in Ilesa.
He was also seen daring those present to record his remarks and share them on social media, while reportedly addressing APC supporters in Ilesa ahead of the August 15, 2026, governorship election.
The video however attracted serious criticism and condemnation after all the 13 participating political parties and their candidates have signed a peace accord ahead of the August 15 election, with the state governor, Ademola Adeleke, calling for his arrest and prosecution for allegedly incitng violence
But in a swift reaction, through a statement by his media office,, titled ‘Kill Osun Accord with Votes, Not Violence, Senator Fadahunsi Tells APC,’ the senator said his viral comment was “a call on supporters to overwhelmingly reject the Accord Party at the ballot box through lawful, peaceful and democratic means during the August 15 governorship election.”
“For the avoidance of doubt, the Senator’s statement was purely political and metaphorical,” the statement added.
It noted that the comment didn’t portray the lawmaker as an advocate of violence against any member of the public or political party.
“At no point did Senator Fadahunsi advocate violence, intimidation or any form of physical attack against members or supporters of the Accord Party or any other political party. His consistent position has always been that elections should be decided by the votes of the people and not by force.
“The Senator, therefore, urges political actors, party supporters and the electorate to conduct themselves peacefully before, during and after the election. He also calls on security agencies to remain professional and ensure that every eligible voter is able to exercise their constitutional right without fear or intimidation.
“Senator Fadahunsi remains committed to democratic values, issue-based campaigns and a credible electoral process. He believes that the will of the people, freely expressed through the ballot, must always prevail.
“We, therefore, appeal to members of the public not to misinterpret or deliberately distort the Senator’s comments, as they were clearly intended to encourage electoral victory through the power of the ballot and not through violence,” the statement concluded.
Uncategorized
Kebbi govt spends over N16 Billion on retirement, death benefits – Gov. Idris
Our Reporter
Kebbi State Governor, Comrade Dr. Nasir Idris, has disclosed that his administration has spent over ₦16 billion on retirement and death benefits since assuming office in May 2023.
The Governor made this known on Thursday while delivering his address at the opening ceremony of the Workers’ Rights Summit, held to commemorate the 88th anniversary of the legalization of trade unionism in Nigeria (1938–2026). The event took place at the Presidential Lodge, Birnin Kebbi.
Governor Idris stated that, in line with his administration’s strategic plan for sustainable economic growth, numerous transformative projects have been executed across the state.
“These monumental achievements, alongside many other reforms still in the pipeline, are a testament to the deep commitment of this administration to the dignity and well-being of every worker in Kebbi State,” he said.
He reaffirmed his administration’s commitment to people-oriented policies and appealed for the continued support and cooperation of the people to ensure the success of his government.
The Governor emphasized that his administration has consistently prioritized the welfare of civil servants and the entire workforce.
“We are prepared to collaborate with all stakeholders—including trade unions, civil society organizations, and the organized private sector—to enhance the welfare, safety, and protection of workers’ rights,” he added.
Earlier, the Chairman of the Local Organising Committee and State Head of the Civil Service, Tpl. Mallam Shekare mni, highlighted the achievements of the Kauran Gwandu administration, particularly its commitment to workers’ welfare. He noted that more than ₦16 billion had been expended on retirement and death benefits from May 2023 to date.
The Head of Service commended Governor Nasir Idris for his unwavering support for civil servants, citing the construction and furnishing of the ultra-modern State Secretariat Complex, the implementation of the ₦75,000 minimum wage, and other welfare initiatives.
In his remarks, former President of the Nigeria Labour Congress (NLC), Comrade Ayuba Wabba, commended Governor Idris for the remarkable achievements recorded within three years in office. He said the summit was aimed at strengthening workers’ rights and promoting good governance.
He urged participants to emulate the Governor’s commitment to building a better future for workers.
Also speaking, the President of the Nigeria Labour Congress, Comrade Joe Ajaero, represented by the President of the Nigeria Union of Teachers (NUT), Comrade Audu Titus Amba, applauded Governor Idris for delivering over 80 percent of his campaign promises. He also commended the organizers for hosting the summit.
He encouraged workers to remain committed to their duties and disclosed that the NLC was working towards a review of the national minimum wage through continued engagement with the Federal Government.
Comrade Amba further thanked the Nigerian Bar Association and the Human Rights Institute for organizing the summit, describing it as a strategic gathering focused on labour, social justice, and democracy at a critical time in the nation’s history.
The Chief Judge of Kebbi State, Justice Umaru Abubakar, also commended the theme of the summit and reaffirmed the state government’s unwavering commitment to the welfare of civil servants.
He stated that the government would continue to partner with relevant organizations to improve workers’ welfare, noting that the dedication of the state’s civil servants has been instrumental to the success of the present administration.
Politics
Tinubu qualified to run for president despite certificate submitted – APC Ex-Legal APC Adviser, Ogala
By Umar Musa
A former National Legal Adviser of the All Progressives Congress, APC, Babatunde Ogala, on Thursday insisted that President Bola Tinubu is qualified to run for the presidency in 2027.
Ogala said Tinubu is qualified by virtue of his age and the fact that he is a Nigerian.
He made this known on Channels Television’s Politics Today while reacting to the controversy surrounding Tinubu’s qualifications.
Tinubu did not submit his primary and secondary school certificates to the Independent National Electoral Commission (INEC).
This has led to widespread controversy among Nigerians.
However, Ogala said: “What does the Constitution say about qualification for office? Because I hear things like: Who are his parents? Who is his father? Who is his mother? Who is his sister? And who is his brother?
“Is he a Nigerian? The answer is yes, unless otherwise proven or determined through a judicial process. Is Tinubu qualified to run for the presidency age-wise? The answer is yes, by constitutional provisions.
“Does he have the minimum educational qualification as prescribed by the Constitution, which says educated up to School Certificate level, interpreted to mean Primary Six and the ability to read and write?
“The man says, ‘I have a degree.’ Babatunde Ogala is sitting here. I’m a Senior Advocate, and you are asking me to prove if I’m a lawyer. You want to know which primary and secondary schools I attended, where I did my A-Levels, and all of that.”
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