President Bola Tinubu has reiterated the commitment of his administration to deploy adequate funding to critical sectors of the economy, a move, he said, is aimed at rebuilding public trust and promoting inclusive development of the entire country.
He stated this on Monday at the commencement of a national conference on Public Accounts and Fiscal Governance, organised by the Public Accounts Committees of the Senate and House of Representatives.
Represented by the Minister of State for Finance, Doris Uzoka-Anite, Tinubu said the removal of the subsidy, though painful, was aimed at revamping the economy for the benefit of Nigerians.
“In 2022 alone, Nigeria spent over N4tn on fuel subsidies, more than we allocated to capital expenditure. This was not only physically unsustainable, but it was also unjust. A subsidy that disproportionately benefited the affluent, encouraged smuggling, and bred inefficiency was neither equitable nor strategic.
“Since its removal, we have redirected those funds into targeted interventions, expanding our social safety nets, improving public transportation, and financing critical infrastructure projects. Most importantly, we have strengthened our fiscal buffers, making Nigeria more resilient to external shocks.”
The President stated that “for far too long, Nigeria’s economy has been burdened by structural inefficiencies, fiscal leakages, and an overreliance on oil revenues. But we are not here today to dwell on the challenges of the past. We are here to chart a new course.”
The President also added that recently enacted tax laws will simplify compliance, expand the tax base, make collection easier, and enhance the ease of doing business in Nigeria.
“These reforms are designed to widen the tax base by integrating the informal sector, simplify compliance for small and medium-sized enterprises, digitise revenue collection to reduce human interference and eliminate leakages, and harmonise multiple taxes to make doing business easier in Nigeria,” he said.
Describing the new tax system as “a governance imperative,” the President said he is his administration is laying the foundation for a self-sustaining economy that gradually moves away from dependence on oil revenues to a more diverse and inclusive revenue base.
He cited new initiatives like the National Credit Guarantee Company, which aims to support local production, empower SMEs, and boost non-oil exports, as moves intentionally aimed at changing the economic narratives of the country.
“These efforts go beyond mere economic metrics. They are creating jobs, fostering innovation, building economic resilience, and strengthening our national security and long-term stability,” Tinubu stated.
On monetary policy, Tinubu acknowledged the Central Bank’s efforts in stabilising the naira, taming inflation, and coordinating effectively with fiscal authorities.
“There is better coordination now between the fiscal and monetary sides, and we are determined to reduce inflationary pressures by addressing structural bottlenecks, particularly in food supply chains.”
Tinubu called on the National Assembly, especially the Public Accounts Committees, to uphold their constitutional duty with “integrity, courage, and independence,” adding that “oversight is not a political tool. It is a patriotic duty. Every project must be guided by value for money, and every budget must reflect the new priorities of our people,” he said.
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