The Chairman of the Senate Committee on Appropriation, Solomon Adeola, said on Saturday the Federal Government saves approximately N10 trillion annually from fuel subsidy removal.
The Senator representing Ogun West stated this during his new year thanksgiving service held at the Cathedral Church of Christ, Ona-Nla, Ilaro.
He said President Bola Tinubu during his first two years in office had succeeded in removing a major cankerworm that had undermined the nation’s economy and finances.
According to him, before the removal of fuel subsidy, few Nigerians were benefiting from the regime to the detriment of many citizens
Adeola, popularly known as Yayi, noted that prior to the removal of fuel subsidy, Nigeria borrowed between ₦6 trillion and ₦7 trillion each year to finance the subsidy.
He said: “I am a living testimony to what the president has done. Within his two years of assumption of office, he succeeded in removing the cankerworm in our economy that has affected our finances over the years.
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“That is, the fuel subsidy; which benefited very few Nigerians at the detriment of the overall population of this nation.
“With that singular action, the president is saving the country over N10 trillion on annual basis.
“I used to be the chairman, senate committee on finance during the last senate and I know on a yearly basis, what we go to bank to borrow to fund the subsidy is in the region of N6 trillion to N7 trillion on an annual basis.”
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