Ogun State Governor Dapo Abiodun has said that removing the subsidy could save Nigeria ₦5.4 trillion by the end of 2024.
Abiodun spoke during a Special Church Service celebrating Nigeria’s 64th National Day at the Cathedral Church of St. Peter, Ake, Abeokuta.
He emphasized that if the subsidy had continued, it would have severely impacted Nigeria’s economy.
“With the Federal Government’s budget at ₦6.7 trillion for this fiscal year, spending an additional ₦5.4 trillion on subsidies would have been devastating,” he warned.
This significant saving, according to Abiodun, can now be directed toward much-needed infrastructure development across the country.
He said, “Mr. President removed the subsidy, which, if not curbed, would have cost us ₦5.4 trillion by the end of 2024.”
The governor highlighted the issue of neighboring countries benefiting from Nigeria’s subsidy payments.
He noted, “We have been busy subsidizing our neighbors. These are funds that can be invested in improving our infrastructure and other social services.”
The economic implications of the subsidy removal are substantial.
The governor pointed out that the budget for infrastructure this year is ₦6.7 trillion.
Had the subsidy continued, almost all of this budget would have gone to cover it.
Abiodun’s remarks came as part of a larger message about leadership and national progress.
The Diocesan Bishop of Ijebu North Anglican Diocese, Rt. Rev’d Dr. Akinwande Odubena, also spoke at the service.
He emphasized the critical role of leadership in shaping Nigeria’s future.
The bishop read from the book of 2 Kings, Chapter 7, Verse 1, linking the biblical story to Nigeria’s current challenges.
He addressed issues such as hyper-inflation, oil theft, rising unemployment, and insecurity.
Dr. Odubena said, “We are currently facing many challenges, including kidnapping and banditry. However, we must remain hopeful.”
His message resonated with many attendees, who are anxious about the nation’s situation.
He encouraged citizens to trust in God’s plan for Nigeria and to work towards unity and prosperity.
“Leadership plays a crucial role in the future of our country,” he noted.
