President Bola Tinubu has revealed how funds from the removal of petrol subsidy are being utilized.
According to him, the money is being redirected into targeted interventions, including expanding social safety nets, improving public transportation, and financing critical infrastructure.
He said the funds are being used to develop infrastructure and build human capital. “The accruals into the federation account have more than doubled since 2023, with an average of N1.6 trillion shared monthly among federal, state, and local governments” he reiterated.
The President emphasized the need for fiscal reforms, including widening the tax base, simplifying compliance for small and medium-sized enterprises, and digitizing revenue collection.
Tinubu said government is focusing on economic diversification, with targeted investments and reforms in sectors like agriculture, manufacturing, digital services, renewable energy, mining, and the creative economy.
The President also emphasized the importance of transparency and accountability, citing steps taken to digitize public finance systems and ensure that public funds are traceable and accountable.
