President Bola Ahmed Tinubu has revealed that Nigeria spent as much as ₦18.4 billion daily on petrol subsidies before his administration removed the policy.
The President made the disclosure on Friday during his nationwide broadcast marking the third anniversary of his administration.
According to Tinubu, the country spent over ₦4 trillion on fuel subsidies in 2022 alone, describing the arrangement as unsustainable and damaging to the nation’s economy.
He stated that the huge amount used for subsidy payments could have been channelled into critical sectors such as infrastructure, healthcare, education and housing.
“At the height of the subsidy regime, Nigeria was spending as much as ₦18.4 billion daily to sustain petrol subsidies,” the President said.
Tinubu also criticised the former multiple exchange-rate system, saying it encouraged arbitrage, rent-seeking and speculative practices within the economy.
The President disclosed that Nigeria lost more than ₦8 trillion within three years under the previous foreign exchange structure.
He maintained that his administration inherited an economy that required urgent reforms and difficult policy decisions.
According to him, leadership demands courage, especially in periods where difficult but necessary economic choices must be made.
“The easy choices would have been politically convenient. But leadership demands courage, especially when the right decisions are difficult,” Tinubu stated.
The President defended his administration’s economic reforms, insisting they were designed to stabilise the economy, improve fiscal sustainability and position the country for long-term growth.
