Uncover Where Subsidy Savings Are Hiding Now

 

President Bola Tinubu is being urged to clarify how the funds generated from eliminating the fuel subsidy are being utilized.

 

Security analyst Bulama Bukarti made this statement in response to President Tinubu’s request for a $21 billion loan currently under consideration by the National Assembly.

 

Bukarti pointed out that the President had claimed the elimination of the fuel subsidy would generate savings for Nigeria, to be used for the country’s growth and advancement.

 

In his statement on Wednesday, the expert emphasized that while the removal of the subsidy has brought significant challenges to the Nigerian populace, there has been no transparency regarding the utilization of the revenue collected.

 

He remarked that the anticipated benefits from the subsidy savings are not evident, as citizens continue to face severe poverty and hunger.

 

Bukarti stated, “President Tinubu has approached the National Assembly for a loan of $21.5 billion and €65 million, totaling around ₦34 trillion, which accounts for over 60% of the projected national budget for 2025.

“When the President justified the removal of fuel and foreign exchange subsidies, he claimed it was to free up resources for infrastructure and economic progress.

“However, Nigerians are now facing extreme levels of hardship and hunger, with no clear benefits in sight. Moreover, the government continues to incur substantial debt, similar to the practices of past administrations that maintained those subsidies.

“This raises important questions: Where is the money saved from the subsidy? Why must the country continue to borrow heavily, both locally and internationally?

“And fundamentally: What concrete advantages have the citizens experienced following the removal of fuel and dollar subsidies?”