Abeokuta, Nigeria – Governor Dapo Abiodun of Ogun State has disclosed that Nigeria would have spent N5.4 trillion on fuel subsidy by the end of 2024 if President Bola Tinubu had not removed it. The governor, speaking during a Special Church Service held at the Cathedral Church of St. Peter, Ake, Abeokuta, in commemoration of Nigeria’s 64th Independence Day, highlighted the enormous burden the subsidy posed to the nation’s economy.
Governor Abiodun pointed out that the potential N5.4 trillion subsidy would have been a devastating financial strain compared to the Federal Government’s N6.7 trillion budget for infrastructure for the same fiscal year. He emphasized that the funds saved from the removal of the subsidy would now be available for critical infrastructure development across the country.
“Mr. President removed the subsidy, which, if not curbed, would have cost us N5.4 trillion by the end of 2024,” Abiodun explained. “We have been busy subsidizing our neighbours; these are funds that can be invested in improving our infrastructure and other social services. Our budget this year for infrastructure was N6.7 trillion, meanwhile, the subsidy would have consumed N5.4 trillion if not curbed.”
In his sermon titled “Leading Our Nation Forward in a Time Like This: Lessons from Elisha’s Leadership,” the Diocesan Bishop of Ijebu North Anglican Diocese, Rt. Rev’d Dr. Akinwande Odubena, referenced 2 Kings, Chapter 7, Verse 1, to emphasize the importance of leadership in shaping the future of a nation. He underscored that Nigeria is grappling with various challenges, including hyperinflation, oil theft, unemployment, insecurity, kidnapping, and banditry.
The bishop urged Nigerians to remain hopeful, emphasizing that unity and prosperity must be prioritized for a brighter future in Ogun State and Nigeria. He called on both leaders and citizens to trust in God’s plan for the nation.