Nigeria’s decision to discontinue fuel subsidy payments has resulted in annual savings exceeding ₦10 trillion, according to the Chairman of the Senate Committee on Appropriation, Senator Solomon Adeola.
The lawmaker, who represents Ogun West Senatorial District on the platform of the All Progressives Congress (APC), disclosed this during a New Year thanksgiving service held at the Cathedral Church of Christ, Ona-Nla, in Ilaro, Ogun State.
Adeola said the policy shift under President Bola Tinubu’s administration has significantly eased fiscal pressure on the country, describing the subsidy regime as a long-standing economic burden that disproportionately benefitted a narrow segment of the population.
Speaking to congregants, the senator explained that Nigeria had, for several years, relied heavily on borrowing to fund petrol subsidy payments, with annual financing needs estimated between ₦6 trillion and ₦7 trillion.
According to him, the removal of the subsidy has reversed that pattern, freeing up public resources and strengthening the country’s financial position.
“I can speak from direct experience,” Adeola said. “During my time as Chairman of the Senate Committee on Finance in the previous assembly, I saw firsthand how much the government had to borrow annually just to sustain fuel subsidy payments. It was a recurring drain on national finances.”
He added that within two years of assuming office, President Tinubu had taken decisive action to eliminate what he described as a major economic “cankerworm,” noting that the policy change now saves Nigeria more than ₦10 trillion every year.
The senator argued that the subsidy framework was inefficient and inequitable, as it favoured a small group of beneficiaries while imposing widespread economic costs on the broader population.
Beyond fiscal reforms, Adeola highlighted what he described as a renewed push for infrastructure development across the country, saying the current administration is laying the foundation for long-term economic transformation.
He cited the Lagos–Calabar Coastal Highway as a flagship project, noting that the corridor is expected to traverse between 10 and 15 states, enhancing connectivity and stimulating economic activity along its route.
Adeola also referenced the Sokoto–Badagry Super Highway, describing it as a critical national artery that would open up new economic opportunities. According to him, the highway project incorporates the construction of 66 dams along its length, a development he said could significantly boost agriculture, water management, and regional development once completed.
“These projects represent a new Nigeria in the making,” the senator said, adding that the scale of infrastructure investment could reshape the country’s economic landscape.
In a sermon delivered at the thanksgiving service, the Diocesan Bishop of the Cathedral Church of Christ, Ilaro, Rt. Rev. Micheal Oluwarohunbi, commended Adeola for his contributions to development in Ogun West.
The cleric emphasised the importance of gratitude and stewardship, noting that progress and success are anchored on discipline, commitment, and divine grace.
