Senator Solomon Adeola (APC–Ogun West) has disclosed that Nigeria is now saving about ₦10 trillion every year as a result of President Bola Tinubu’s decision to end the fuel subsidy regime.
The lawmaker, who chairs the Senate Committee on Appropriation, made the disclosure on Saturday at his New Year thanksgiving service held at the Cathedral Church of Christ, Ona-Nla, Ilaro.
He explained that in less than two years in office, President Tinubu had successfully eliminated a major drain on the country’s economy and public finances, describing the fuel subsidy as a long-standing problem that weakened national development.
According to Adeola, the subsidy system previously benefited only a small segment of the population while imposing a heavy burden on the entire country.
Popularly known as Yayi, the senator recalled that before the subsidy was scrapped, the federal government borrowed between ₦6 trillion and ₦7 trillion annually to sustain the policy.
He said: “I am a direct witness to what the president has achieved. Within two years of assuming office, he removed a major economic cankerworm that had consistently affected our finances — the fuel subsidy, which served only a few Nigerians to the disadvantage of the larger population.
“By taking that single decision, the president is saving the nation more than ₦10 trillion every year. As a former chairman of the Senate Committee on Finance, I know firsthand that we borrowed between ₦6 trillion and ₦7 trillion annually just to fund the subsidy.”
Adeola further stated that President Tinubu is working tirelessly to build a secure, prosperous and sustainable Nigeria, noting that massive infrastructure projects are underway across the country.
He cited the Lagos–Calabar Coastal Expressway, which is expected to pass through between 10 and 15 states, as evidence of a new Nigeria taking shape. He also mentioned the Sokoto–Badagry highway, noting that the project would significantly boost economic activity.
According to him, the Sokoto–Badagry corridor alone will host about 66 dams, which he said would help create a new economy and further transform the nation once the project is completed.
Meanwhile, the Diocesan Bishop of the Cathedral Church of Christ, Ilaro, Michael Oluwarohunbi, commended Senator Adeola for his contributions to development and for transforming the Ogun West Senatorial District.