Subsidy Removal Best Thing To Happen To Nigeria, Says Senator Sani

Posted by African Examiner Featured, Latest Headlines, News Across Nigeria Saturday, November 9th, 2024

(AFRICAN EXAMINER) – The Chairman of the Senate Committee on Finance, Senator Sani Musa, has hailed President Bola Tinubu’s economic reforms, especially the floating of the naira and removal of fuel subsidy.

After he came to office in May 2023, President Tinubu ended a long-standing fuel subsidy that cost the government billions of dollars a year and also liberalised the naira currency in a bid to draw more investment.

Government officials say the reforms are needed to revive Africa’s largest economy and investors have applauded the moves, but Nigerians are struggling with tripled fuel prices and inflation now at 25 percent.

“We want to be sure that what we are doing is not going to reflect negatively on Nigerians,” he said.

“What this government is doing, by virtue of the fact that we removed subsidy, removing subsidy is the best thing that has happened to this country.”

The lawmaker who represents Niger East district in the National Assembly argued that Federation Account Allocation Committee (FAAC) disburses enough funds to states on a monthly basis.

He however faulted some states for not making good use of the allocation to address some major issues in their jurisdiction.

“Today how much are we owing? If the money that Nigeria is making today and the money that FAAC is distributing to the states, the state government utilize those money adequately, a lot of things will go well,” he said.

According to the lawmaker, President Bola Tinubu is taking his time before presenting the 2025 budget to the National Assembly in order to prevent lapses.

He insisted that it is not yet late for the President to present the 2025 appropriation bill.

Sani noted that there were a lot of noises from Nigerians that the government was rushing policies, adding that the President considered those voices and is now ensuring that everything is properly checked before presenting a budget.

“I believe that Mr President is now considering those voices that Nigerians made in making sure that the budget he is bringing is a budget that will rediscover the economy of Nigeria, so I don’t think it is late (to present the budget).

“I believe Mr President is doing what he is supposed to do in order to checkmate whatever lapses we had in 2024 budget and then correct them in 2025 budget. So, for me, it is not too late,” Senator Sani said.