{"id":120441,"date":"2025-07-08T05:08:58","date_gmt":"2025-07-08T04:08:58","guid":{"rendered":"https:\/\/pointblanknews.com\/pbn\/?p=120441"},"modified":"2025-07-08T05:08:58","modified_gmt":"2025-07-08T04:08:58","slug":"tinubu-justifies-fuel-subsidy-removal-vows-renewed-fiscal-discipline","status":"publish","type":"post","link":"https:\/\/pointblanknews.com\/pbn\/news\/tinubu-justifies-fuel-subsidy-removal-vows-renewed-fiscal-discipline\/","title":{"rendered":"Tinubu Justifies Fuel Subsidy Removal, Vows Renewed Fiscal Discipline"},"content":{"rendered":"<div style=\"text-align: justify;\">By Tracy Moses<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">President Bola Ahmed Tinubu has reaffirmed his administration\u2019s commitment to transparency and fiscal prudence, declaring that savings from the fuel subsidy removal are being reinvested into key sectors to drive inclusive development and rebuild public trust.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Speaking through the Minister of State for Finance, Dr. Doris Nkiruka Uzoka-Anite, at the National Conference on Public Accounts and Fiscal Governance, jointly organised by the Public Accounts Committees (PACs) of the Senate and House of Representatives, President Tinubu said the decision to remove the fuel subsidy, though tough, was necessary to realign the nation\u2019s fiscal priorities.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cIn 2022, Nigeria spent over \u20a64 trillion on fuel subsidies, more than our capital expenditure for that year. Such a fiscal pathway was not only unsustainable but unfair, favouring the wealthy, encouraging cross-border smuggling, and fostering systemic inefficiencies,\u201d Tinubu stated.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">He noted that the withdrawal of the subsidy has freed up resources now being redirected into targeted economic initiatives, expanded social protection schemes, mass transit improvements, and essential infrastructure development.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cCrucially, we have fortified our fiscal buffers, enhancing Nigeria\u2019s resilience to external economic shocks,\u201d he added.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Describing fiscal governance as the \u201cfoundation of national growth,\u201d Tinubu underscored the importance of transparency, accountability, and prudent resource management, adding that without these values, a nation\u2019s wealth counts for little.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">While acknowledging past fiscal inefficiencies and dependence on oil revenue, the President expressed optimism about Nigeria\u2019s path forward, emphasizing recent legislative reforms in the tax system designed to simplify processes, digitize revenue collection, broaden the tax base, and improve the ease of doing business.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cThese tax reforms are not just administrative tweaks, they are core to our national transformation. We are building a diversified, self-reliant economy no longer tethered solely to oil,\u201d he said.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Tinubu highlighted strategic sectors such as agriculture, manufacturing, technology, renewable energy, mining, and the creative industry, which he said are now benefitting from renewed investments and reform-driven attention.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">He also cited the newly established National Credit Guarantee Company as a tool to support small and medium enterprises (SMEs), boost local production, and encourage non-oil exports.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">On monetary policy, Tinubu acknowledged efforts by the Central Bank of Nigeria to stabilize the naira and curb inflation, noting improved synergy between monetary and fiscal authorities.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">He reiterated that government transparency is non-negotiable, pointing to the digitization of public finance management via platforms like IPPIS, GIFMIS, and the Open Treasury Portal as tools to enhance accountability.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cThese systems make it possible to track public expenditures, hold officials accountable, and give citizens access to real-time financial data. We must move away from opacity towards openness,\u201d he stressed.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The President called on the National Assembly, particularly the PACs, to execute their oversight duties with integrity and independence, reminding them that oversight is a constitutional responsibility, not a political weapon.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cEvery naira must reflect value for money. Budgets must serve the interests of the people,\u201d he declared.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">He also encouraged citizen participation in governance, urging the media, civil society, and the judiciary to play active roles in demanding fiscal responsibility.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Akpabio Warns Against Rising Legislative Non-Compliance<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Senate President Godswill Akpabio, represented by Senator Abdul Ningi, warned of the growing disregard for legislative summons by public officials and agencies, urging PACs to assert their constitutional mandates under Sections 80, 81, and 88 of the 1999 Constitution.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cThe PACs are empowered to summon anyone to explain the use of public funds. Refusal to appear before them is a direct insult to democracy and undermines the rule of law,\u201d Akpabio said.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">He criticized the growing nonchalance by MDAs toward oversight and urged the PACs to reassert their relevance through thorough investigations and value-driven reviews of public expenditure.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Akpabio called for improved technical support and digital tools to help lawmakers tackle oversight challenges, especially concerning complex institutions like the Central Bank, NNPC Limited, and FIRS.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cThis conference must go beyond rhetoric, it should empower legislators with actionable strategies to strengthen fiscal governance,\u201d he said.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Over \u20a6300bn Unrecovered Public Funds, Abbas Raises Alarm<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Speaker of the House of Representatives, Rt. Hon. Abbas Tajudeen, represented by House Leader Julius Ihonbvere, decried Nigeria\u2019s poor audit enforcement, disclosing that audit queries amounting to over \u20a6300 billion remain unaddressed.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cThis culture of disregarding audit recommendations must end. There must be consequences for financial infractions,\u201d he said.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">He noted that the House has shifted from passive review to active enforcement, introducing follow-up mechanisms, digitization of audits, and real-time tracking tools to ensure compliance by MDAs.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cFiscal oversight is no longer a formality, it\u2019s a strategic tool for national development,\u201d Abbas said, highlighting the House\u2019s efforts to simplify audit reports for public understanding and participation.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The Speaker also advocated for a unified national audit system to ensure accountability at all levels of government and stressed the need for continuous monitoring of budget implementation beyond appropriation.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cWe are institutionalizing a culture of performance reviews, sectoral audits, and impact-based fund assessments,\u201d he added.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Wadada Urges End to Fiscal Recklessness<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Senator Ahmed Wadada, Chairman of the Senate Public Accounts Committee, called for a national recommitment to fiscal integrity, stressing that the mismanagement of public funds has denied the country critical development.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cFiscal governance is the ethical compass of public service, it determines whether revenues lead to prosperity or squandered opportunities,\u201d he said.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Citing a recent Auditor-General\u2019s report that exposed accountability gaps in several agencies, Wadada said the Senate PAC has ramped up oversight, launched public hearings, and engaged stakeholders to strengthen financial transparency.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">He also pledged that the 10th Senate, under Akpabio\u2019s leadership, would review outdated fiscal laws and deepen collaboration across government arms to end financial misconduct.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Salam Calls for Systemic Fiscal Reforms<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Chairman of the House Public Accounts Committee, Hon. Bamidele Salam, stressed the need for systemic overhaul of Nigeria\u2019s fiscal framework.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">He said the conference, titled \u201cFiscal Governance in Nigeria: Charting a New Course for Transparency and Sustainable Development\u201d, must deliver concrete reforms, not just lofty declarations.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cWe must entrench a culture where public funds are treated as public trust, not private privilege,\u201d Salam said.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">He highlighted the burden of population growth, high youth unemployment, and infrastructural decay on the country\u2019s public finance system and stressed the importance of citizen inclusion in budgeting and governance processes.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Salam acknowledged the progress made under Tinubu\u2019s Renewed Hope Agenda but emphasized the need for stronger financial reporting, audit institutions, and alignment with constitutional mandates.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">AFROPAC Praises Nigeria\u2019s Leadership in Fiscal Reform<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">President of the African Organization of Public Accounts Committees (AFROPAC), Hon. Medard Lubega Sseggona, applauded Nigeria for setting a continental example in fiscal accountability and transparency.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">He said the conference signals a firm commitment to responsible financial management and sustainable development.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">\u201cThis forum affirms Nigeria\u2019s leadership role in strengthening public financial management in Africa. It is a commendable step towards building accountability-driven governance across the continent,\u201d he said.<\/div>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content --><!-- AddThis Related Posts generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>By Tracy Moses President Bola Ahmed Tinubu has reaffirmed his administration\u2019s commitment to transparency and fiscal prudence, declaring that savings from the fuel subsidy removal are being reinvested into key&hellip;<!-- AddThis Advanced Settings generic via filter on wp_trim_excerpt --><!-- AddThis Share Buttons generic via filter on wp_trim_excerpt --><!-- AddThis Related Posts generic via filter on wp_trim_excerpt --><\/p>\n","protected":false},"author":1,"featured_media":118017,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_lmt_disableupdate":"","_lmt_disable":"","footnotes":""},"categories":[5],"tags":[],"class_list":["post-120441","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - 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