President Bola Tinubu on Tuesday, lashed back at critics questioning where savings from removal of subsidy are being deployed, saying much of it has been redirected to the critical areas of the Nigerian economy.
Critics, including Peter Obi, presidential candidate of the Labour Party (LP), had often complained that Nigerians were not seeing the effect of the measure announced by the President on his first day of taking over governance on May 29, 2023, which saw price of petrol jumping astronomically with direct impact on prices of commodities and services across the country.
But Tinubu, maintained on Tuesday, at a two-day interactive session on government-citizens’ engagement organised by the Sir Ahmadu Bello Memorial Foundation in Kaduna the impact were already manifesting in positive terms because the proceeds were well-utilised.
Hear him: “The removal of fuel subsidy, though painful, has been a necessary reform that saved trillions of Naira. The palliative measures plan and interventions through state governments, Micro Small and Medium Enterprises (MSME) support, and public transportation upgrades are mitigating the impacts. The savings are now being redirected into critical infrastructure and human development, while states are receiving increased allocations for development.”
Tinubu, also defended the profile of his administration in terms of accommodating all Nigerians, saying it would ensure equitable development across all regions of the country, with no area left behind.
While highlighting key achievements under the Renewed Hope Agenda, the President, told his audience how he had handled issues regarding the nation’s economic reforms, education, health, security, infrastructure, and food security.
For instance, he said his administration had implemented bold reforms to stabilise and grow the economy, including unifying the exchange rate and restructuring debt profiles, adding that investments had been made in modernising security equipment and upskilling personnel.
Citing ambitious projects he had embacked on such as the Lagos-Calabar Coastal Highway, the Sokoto-Badagry superhighway, ongoing rail projects (Kano-Maradi, Port Harcourt-Maiduguri), and housing initiatives, the President, also highlighted the Renewed Hope Agenda’s priorities to include reforming the economy for sustained growth, strengthening national security, boosting agriculture for food security, unlocking energy and natural resources, and enhancing infrastructure and transportation.
Also pointing to giant strides in the areas of education, health, and social investment, he also listed accelerating diversification through industrialisation and innovation as well as improving governance for effective service delivery as part of his achievements.
Tinubu, who spoke on Assessing Electoral Promises: Fostering Government-Citizen Engagement for National Development, the theme of the event, described the renewed hope agenda was a pragmatic vision built on pillars of good governance with emphasis on transparency, accountability, participation, responsiveness, equity, rule of law, and inclusivity, going beyond just a campaign slogan.
His words: “The economic reform strategies are designed to create a robust, diversified, and resilient economy. By fostering an environment conducive to investment and innovation, the administration aims to stimulate growth across all sectors, reduce unemployment, and ensure equitable wealth distribution.
“Security is the bedrock of national development. The focus here is on enhancing the capabilities of our security forces, promoting peace and stability, and ensuring that every Nigerian feels safe and protected, no matter where they reside.
“Agriculture holds the key to our nation’s self-sufficiency and economic empowerment.”
According to Tinubu, this is by modernising farming practices, increasing access to finance, and expanding market opportunities for farmers.
“This administration places Nigeria on a path to achieving food security and transforming our country into an agricultural powerhouse. Through reforms, the government is unlocking the potential of Nigeria’s vast natural resources and energy sector.
“Through sustainable management, increased investments, and the adoption of modern technologies, the goal remains to drive economic growth and ensure environmental sustainability.”
“Over 400,000 students in tertiary institutions have so far benefitted from the Students’ Loan Programme, while an estimated N53 billion had been disbursed.”
Highlighting the importance of patience and collective efforts in achieving the agenda’s goals, the President, particularly extolled the virtues of the late Premier of Northern Nigeria, Sir Ahmadu Bello, describing him as a phenomenal being who promoted national cohesion and unity in Nigeria.
Also saluting the courage, sincerity, and patriotism of other leaders such as Chief Solomon Lar, Mallam Adamu Ciroma, Shehu Dan Musa, Abubakar Rimi, Prof. Suleman Kumo, Issac Shaahu, Prof. Jerry Gana, and others, he said Nigeria continued to owe them debt of gratitude.