The Nigerian Presidency has confirmed that N5.4 trillion in savings from the 2024 subsidy removal will be redirected to nationwide infrastructure and social intervention programs aimed at supporting all levels of government and improving the quality of life for Nigerians. This allocation was announced by the Special Adviser to the President on Information and Strategy, Mr. Bayo Onanuga, in a recent press release.
According to Mr. Onanuga, these funds will drive significant development projects in sectors such as transportation, healthcare, and education, with a focus on enhancing infrastructure in both urban and rural areas. The strategy aligns with President Bola Tinubu’s commitment to reinvest revenues for economic growth and national progress.
Mr. Onanuga also addressed recent remarks by former Vice President and opposition leader Atiku Abubakar, suggesting he should recognize the administration’s efforts in revenue management and development-oriented allocation of the subsidy savings.
Additionally, the government aims to revitalize the nation’s refineries, focusing on fostering local fuel production and reducing dependency on imports. This includes support for modular refineries and the operational development of the new Dangote Refinery.