The Presidential candidate of the All Progressives Congress, Bola Ahmed Tinubu, has expressed support for the removal of fuel subsidy.
Nairametrics reported that the former Lagos state governor made this known on Friday in a meeting with the Nigerian Economic Summit Group in Lagos, as he laid out his economic vision for the country, if elected.
According to Tinubu, fuel subsidy needs to be removed as it had outlived its importance and is now used only as a tool to subsidise neighbouring countries’ fuel consumption.
“The subsidy money will not be ‘saved’ because that means elimination from the economy.
“Instead, we will redirect the funds into public infrastructure, transportation, affordable housing, education, health, and strengthen the social safety net for the poorest of the poor, thus averting increased security challenges,” he added.
Meanwhile, the Minister of Finance, Zainab Ahmed, has revealed that only N3.36 trillion was earmarked for fuel subsidy in Nigeria’s 2023 budget.
This means that fuel subsidy payments will remain up to mid-2023, based on the 18-month extension announced in early 2022.
