President Bola Tinubu has said his administration will soon make public details of how funds saved from the removal of the petrol subsidy have been spent.
Tinubu disclosed this on Thursday when he received the leadership of the Nigerian Union of Petroleum and Natural Gas Workers at the State House.
The President said the subsidy removal, which his administration introduced shortly after assuming office, had enabled the Federal Government to redirect resources to other areas of the economy.
He recalled that before the 2023 presidential election, NUPENG had expressed concerns over the policy and threatened possible industrial action.
Tinubu said, “You may strike or you won’t, but the fuel subsidy will be gone.”
According to him, the government would soon provide Nigerians with details of the utilisation of the resources saved through the policy.
“Today, to the benefit of our great country, I will soon publish the utilisation of what it is,” he said.
The President also defended his administration’s economic policies against criticisms that they had failed to improve the lives of ordinary Nigerians.
He argued that the regular payment of salaries to workers at the federal and state levels had contributed to economic activity and supported families and businesses.
Tinubu said, “Who are the people receiving the salaries in the local government administration? Are they not common men and women receiving salary regularly at the state level?”
He added that workers’ incomes also supported other parts of the economy, including traders and market women.
On infrastructure, the President said the government had secured long-term financing for major projects, including the Lagos-Ibadan, Abuja-Kaduna, Abuja-Kano and Sokoto-Badagry road corridors.
He said the projects were designed to support economic growth while improving the safety of Nigerians.
Tinubu also urged NUPENG to ensure that the benefits of Compressed Natural Gas were passed on to commuters.
He said the reduction in operating costs resulting from CNG was currently benefiting truck owners more than passengers.
“Ask your drivers to let it trickle to the commuters too. Because whatever benefit that is coming from CNG is going to the pocket of truck owners,” he said.
The President noted that the benefits of CNG had not spread as quickly as he expected, urging stakeholders in the transport sector to ensure that commuters also enjoyed the gains.
Tinubu commended NUPENG for its cooperation with his administration, describing the union as “a very good partner of government in progress.”
He also recalled his previous engagement with the union and the Akodo Resort project, which he said had since become an economic asset to the country.
The President assured NUPENG of continued engagement with the union on economic and energy-related policies.
