Abuja, Nigeria — July 8, 2025
President Bola Ahmed Tinubu has reaffirmed his administration’s commitment to fiscal discipline, transparency, and inclusive governance, stating that the removal of fuel subsidies was a necessary, though painful, step to revamp Nigeria’s economy.
Speaking at the National Conference on Public Accounts and Fiscal Governance in Abuja on Monday—through Minister of State for Finance, Doris Uzoka-Anite—Tinubu explained that over ₦4 trillion spent on fuel subsidies in 2022 had become unsustainable and unjust, disproportionately benefiting the wealthy and encouraging smuggling.
“Since its removal, we have redirected those funds into targeted interventions—expanding our social safety nets, improving public transportation, and financing critical infrastructure projects,” Tinubu said.
The President also highlighted new tax reforms designed to simplify compliance, expand Nigeria’s tax base, and integrate the informal sector. These, he said, would reduce leakages and promote ease of doing business.
Beyond Oil: Laying the Foundation for a Diverse Economy
Tinubu cited initiatives like the National Credit Guarantee Company as strategic efforts to empower SMEs, boost non-oil exports, and reduce Nigeria’s dependence on oil revenue.
He further noted the improved synergy between fiscal and monetary authorities, crediting the Central Bank’s efforts in stabilizing the naira and curbing inflation.
“We are determined to reduce inflationary pressures by addressing structural bottlenecks, particularly in food supply chains,” he stated.
Oversight, Not Politics
The President called on the National Assembly and its Public Accounts Committees to carry out their oversight roles with integrity and courage, stressing that “every budget must reflect the new priorities of our people.”
Senate President, Speaker Raise Accountability Concerns
Senate President Godswill Akpabio, represented by Senator Abdul Ningi, condemned the growing non-compliance with legislative summons. He urged government agencies to respect the constitutional powers of Public Accounts Committees.
“Without accountability, there will be no prosperity. Without discipline, there will be no development,” Akpabio warned.
House of Representatives Speaker Tajudeen Abbas, represented by House Leader Julius Ihonbvere, disclosed that over ₦300 billion in flagged funds remain unrecovered due to audit infractions and poor compliance.
“Fiscal responsibility cannot thrive in the absence of consequences for mismanagement,” Abbas said.
He emphasized the adoption of digital audit systems and real-time tracking tools to modernize fiscal accountability.
Fiscal Reform Is a Patriotic Duty — Senators Wadada & Salam
Senate Public Accounts Committee Chair Senator Ahmed Wadada called for a “new era of fiscal integrity,” warning that only transparency can restore public trust.
“We must treat public funds not as a privilege, but as a sacred trust,” Wadada stressed.
House PAC Chair Bamidele Salam echoed this sentiment, stating that public funds must work for the public good. He stressed the need for timely and accurate financial reporting, institutional audits, and strong enforcement of constitutional fiscal mandates.
“This conference marks a milestone in our journey towards fiscal transparency and sustainable development,” Salam declared.