Gov Abiodun Meets With Obasanjo, Says Nigeria Lost N4trn Annually On Subsidy
Dapo Abiodun, governor of Ogun, has asked Nigerians to endure the hardship caused by the removal of the petrol subsidy.
Abiodun spoke with journalists on Monday after a meeting with former President Olusegun Obasanjo in Abeokuta, the Ogun state capital.
Abiodun described the subsidy removal as an initiative that would bring about “great gains”.
The governor, who lamented that the country lost up to N4 trillion annually to the subsidy regime, said the step was long overdue.
He assured Nigerians that the Bola Tinubu led-administration would put the fund gained from the subsidy removal into better use and revamp the country’s economy.
“We all know that the present government started with a bang on May 29 and the president rolled out a few initiatives,” he said.
“One of the most laudable of those initiatives was his decision to remove subsidies on petroleum products.
“As controversial as that initiative has been, no one can deny the fact that it is a very welcome initiative.
“That was a subsidy that Nigeria could no longer afford and one that the budget could not accommodate beyond June 2024.
“It was a subsidy that was not even in the budget beyond June 2023.
“More importantly, it was costing Nigeria about N4 trillion per annum, a fund that Nigeria did not have but had to borrow.
“It was a fund that could be better expended to other uses for the benefit of the citizens.”
While noting that the measure came with some discomfort, Abiodun described them as “necessary and temporary”.
“Of course, it was a decision that also came with a bit of pain, but as they say, there is no gain without some pain,” he said.
He urged Nigerians to endure the hardship of the increase in the price of fuel and other goods, saying “The benefits of the subsidy removal outweigh the pains.”
