President Bola Ahmed Tinubu has reaffirmed his administration’s commitment to utilizing public funds prudently, declaring that over N4 trillion previously spent on fuel subsidies is now being reinvested in infrastructure, public transportation, and social welfare interventions.
Speaking at the National Conference on Public Accounts and Fiscal Governance on Monday, Tinubu, represented by the Minister of State for Finance, Doris Uzoka-Anite, described the fuel subsidy regime as fiscally unsustainable and unjust, noting that it largely benefited the affluent while encouraging smuggling and inefficiencies.
“In 2022 alone, over N4tn was spent on fuel subsidies, more than the entire capital expenditure allocation. Since removing it, we’ve redirected those funds into strategic sectors to strengthen our fiscal buffers and build economic resilience,” he stated.
Tinubu emphasized that his economic reforms aim to address structural inefficiencies and move Nigeria away from overdependence on oil revenue. Key among these reforms is the enactment of tax laws designed to simplify compliance, integrate the informal sector, and eliminate leakages through digitized revenue collection.
“We are laying the groundwork for a self-sustaining economy that empowers small and medium enterprises, supports local production, and boosts non-oil exports,” Tinubu said, citing initiatives like the National Credit Guarantee Company.
On monetary policy, the President applauded the Central Bank of Nigeria (CBN) for recent coordination with fiscal authorities, which has contributed to stabilizing the naira and reducing inflationary pressures.
Addressing the legislature, Tinubu urged members of the National Assembly, particularly the Public Accounts Committees (PACs), to carry out their oversight responsibilities with transparency and integrity.
“Oversight is a patriotic duty, not a political tool. Every project and expenditure must reflect the new priorities of the Nigerian people,” he said.
Senate President Godswill Akpabio, represented by Senator Abdul Ningi, echoed similar concerns about fiscal discipline, warning against widespread non-compliance with legislative summons. He stressed the need for improved legislative tools and digital technologies to ensure effective oversight.
Speaker of the House of Representatives, Tajudeen Abbas, through his representative House Leader Julius Ihonbvere, revealed that over N300bn in public funds remain unrecovered due to unresolved audit infractions. He called for mandatory sanctions for agencies that ignore audit recommendations.
“Without consequences, there can be no fiscal responsibility. We are prioritizing audit digitization and real-time expenditure tracking to enforce transparency,” Abbas declared.
Chairman of the Senate PAC, Senator Ahmed Wadada, called for a national recommitment to fiscal integrity. He described past failures in budget monitoring and fund misappropriation as critical obstacles to development.
“We must treat every naira as a sacred trust, directed towards education, health, security, and infrastructure,” Wadada emphasized.
Bamidele Salam, Chairman of the House PAC, urged public officials to ensure that public funds are used solely for public benefit, stressing that fiscal governance must evolve beyond slogans into measurable action.
“Our nation’s future depends on prudent and transparent financial management. We must institutionalize accountability and make audit reports easily accessible to all Nigerians,” he concluded.
The conference, themed “Fiscal Governance in Nigeria: Charting a New Course for Transparency and Sustainable Development,” attracted stakeholders across the executive, legislature, civil society, and private sector, all aligned on the need to strengthen Nigeria’s financial architecture for long-term prosperity.