Nigeria saving N10trn annually from subsidy removal – Ogun senator

The Senator representing Ogun West Senatorial District, Olamilekan Adeola (Yayi), says President Bola Tinubu’s policies on tax reform and fuel subsidy removal have enabled Nigeria to save over N10 trillion annually.

Adeola spoke on Saturday at a thanksgiving service held in Ilaro, Ogun State, to mark his 22nd thanksgiving celebration.

He disclosed that prior to the removal of fuel subsidies, Nigeria was borrowing between N7 billion and N8 billion monthly to sustain the policy, a figure he said accumulated to not less than N10 trillion annually.

The senator affirmed that the country was now on the right path, with a more predictable economy, a thriving micro-economy, and deliberate efforts to strengthen the macro-economy.

“Nigeria is now getting it right. We can predict the kind of economy we are running. The micro-economy is doing well, and we are working on the macro-economy as well,” he said.

Adeola highlighted the positive impact of the reforms, citing the Lagos–Calabar Coastal Road and the Sokoto–Badagry Highway projects as major infrastructure developments capable of boosting Nigeria’s economic strength.

He commended President Tinubu for driving the reforms, describing them as critical steps toward building a functional and inclusive Nigeria.

He said: “I believe that in no distant future, Nigerians will feel the impact of all the beautiful reforms introduced by the president. In the area of infrastructure, he has done excellently well. The Lagos–Calabar and Sokoto–Badagry roads are building a new Nigeria — a Nigeria that works for everybody.”

On tax reforms, the senator dismissed claims of discrepancies or crisis, insisting that the legislature and executive were aligned.

“On tax reform, there is no doubt and no crisis. We are on the same page with the executive. By the time implementation begins, what was passed is exactly what will be implemented. There has been no amendment, directly or indirectly, outside the National Assembly. We will only take actions that promote the integrity of the National Assembly and Nigeria as a whole,” he said.

Speaking further on the gains of fuel subsidy removal and other reforms, Adeola said the president had tackled a long-standing economic burden within two years in office.

“Within two years of assuming office, he succeeded in removing a cankerworm in our economy that had affected our finances over the years — fuel subsidy — which benefited very few Nigerians at the expense of the majority,” he said.

“With that singular action, the president is saving the country over N10 trillion on an annual basis.” Adeola, a former Chairman of the Senate Committee on Finance, added: “I know that on a yearly basis, what we went to banks to borrow to fund fuel subsidy was in the region of N6 trillion to N7 trillion.”

Corroborating the senator’s position on tax reform, the Minister of State for Health, Ishiaq Salako, said Nigeria was already witnessing positive changes, noting that fuel queues had disappeared nationwide as of January 3, 2026, while efforts to tackle insecurity were ongoing. He said President Tinubu’s policies were yielding results, with the economy projected to grow by 4.49 per cent in 2026, while inflation is expected to ease to 12.94 per cent.

“The president’s reforms, including tax harmonisation and the removal of fuel subsidy, are aimed at boosting revenue and improving efficiency. Despite the controversy, the new tax laws are expected to increase government revenue and simplify compliance,” Salako said.

He challenged critics and opposition parties to outline alternative policy options, insisting that the ruling All Progressives Congress (APC)’s progressive policies enjoyed the support of many Nigerians who remained optimistic about the country’s future.

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