Tinubu Reveals Nigeria Burned ₦18.4 Billion Every Single Day On Petrol Subsidy Nigerians React

President Bola Ahmed Tinubu has stated that Nigeria was previously spending as much as ₦18.4 billion every day on petrol subsidies before his administration ended the policy.....KINDLY READ THE FULL STORY HERE▶

He made this known on Friday during a nationwide broadcast marking the third anniversary of his government.

According to the President, Nigeria expended over ₦4 trillion on fuel subsidies in 2022 alone, describing the arrangement as economically unsustainable and damaging to national development.

He argued that the funds used for subsidies could have been redirected toward key sectors such as infrastructure, healthcare, education, housing, and other essential public services.

“At the peak of the subsidy regime, Nigeria was spending up to ₦18.4 billion daily to maintain petrol subsidies,” Tinubu said.

Tinubu also criticized the previous multiple exchange-rate system, stating that it encouraged arbitrage, speculation, and rent-seeking activities.

He further claimed that Nigeria lost over ₦8 trillion within a three-year period due to the former foreign exchange framework.

The President added that his administration inherited an economy that required bold and immediate reforms.

“Easy options would have been politically convenient, but leadership requires courage, especially when the right decisions are difficult,” he said.