President Bola Ahmed Tinubu has reiterated that his administration’s tough decision to remove fuel subsidy is yielding tangible results, insisting that the savings are being channelled into infrastructure, social protection, and economic reforms for the benefit of Nigerians.
Represented by the Minister of State for Finance, Dr. Doris Uzoka-Anite, President Tinubu made the declaration on Monday at the National Conference on Public Accounts and Fiscal Governance, jointly organised by the Public Accounts Committees (PACs) of the Senate and House of Representatives in Abuja.
He noted that over ₦4 trillion was spent on fuel subsidies in 2022 alone an amount greater than the country’s capital expenditure for that year describing the practice as not only unsustainable but also unfair to ordinary Nigerians.
“That subsidy regime favoured the rich, promoted smuggling, and drained the country’s resources. Today, we are redirecting those funds into critical areas like social protection, mass transit, infrastructure, and economic inclusion,” Tinubu said.
The President said his government has also strengthened fiscal buffers to shield the economy from global shocks, while taking steps to increase transparency, expand the tax base, and simplify revenue collection systems.
“These tax reforms go beyond administrative adjustments. They form the backbone of our national transformation agenda,” he said.
Tinubu listed agriculture, manufacturing, mining, digital technology, and the creative economy as some of the sectors already benefitting from targeted interventions under his administration.
He also highlighted the establishment of the National Credit Guarantee Company as a key step toward boosting small businesses and encouraging non-oil exports.
On monetary policy, the President acknowledged efforts by the Central Bank of Nigeria (CBN) to stabilise the naira and curb inflation, noting that the synergy between monetary and fiscal policy was improving under his watch.
While assuring Nigerians that public funds will be managed with utmost accountability, Tinubu pointed to the digitisation of public finance management through platforms such as the Integrated Payroll and Personnel Information System (IPPIS), Government Integrated Financial Management Information System (GIFMIS), and the Open Treasury Portal.
“These platforms are not just digital tools; they are instruments of transparency, giving Nigerians access to real-time data and helping to monitor how every naira is spent,” he said.
He called on the National Assembly’s Public Accounts Committees to carry out their constitutional oversight roles with courage and integrity, stressing that government officials must justify every public expense.
“Every naira must reflect value for money. Budgets must serve the people. We must build a culture of trust,” Tinubu declared.
Senate President Godswill Akpabio, represented by Senator Abdul Ningi, raised concerns over the increasing non-compliance of Ministries, Departments, and Agencies (MDAs) with legislative summons.
He reminded government officials that the PACs are constitutionally empowered under Sections 80, 81, and 88 of the 1999 Constitution to summon any public officer on matters of accountability.
“Refusing to appear before these committees is not just arrogance; it’s an affront to our democracy and a violation of the law,” Akpabio said.
He called on the PACs to be more assertive and better equipped to scrutinise spending by major institutions like the CBN, NNPC Limited, and the Federal Inland Revenue Service (FIRS).
Speaker of the House of Representatives, Hon. Abbas Tajudeen, represented by House Leader Julius Ihonvbere, expressed concern over over ₦300 billion in unresolved audit queries tied to various government agencies.
“This level of audit disregard is unacceptable. It weakens the system and emboldens impunity,” he said.
According to Abbas, the House is moving from routine oversight to active enforcement by introducing digital tracking systems, real-time auditing tools, and simplified audit reports for greater public engagement.
He called for a unified national audit system to standardise accountability across all tiers of government, stressing that budget performance must be reviewed regularly, not just once a year.
“We are building a culture of impact assessment, sectoral audits, and fiscal discipline that reflects the people’s priorities,” Abbas stated.
The conference brought together lawmakers, fiscal experts, and stakeholders committed to strengthening Nigeria’s public financial management system.
