President Bola Ahmed Tinubu has disclosed that Nigeria was spending as much as ₦18.4 billion daily on petrol subsidies before his administration removed the policy.
The President made this known on Friday during his nationwide broadcast to mark the third anniversary of his administration.
Tinubu stated that the country spent over ₦4 trillion on fuel subsidies in 2022 alone, describing the regime as unsustainable and damaging to the nation’s economy.
According to him, the huge amount spent on subsidising petrol could have been channelled into critical sectors such as road construction, healthcare, education, housing, and other infrastructural development projects.
“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 speculation within the foreign exchange market.
He revealed that Nigeria lost more than ₦8 trillion within three years under the previous foreign exchange arrangement.
The President maintained that his administration inherited an economy that required urgent and difficult decisions to stabilise the country.
“The easy choices would have been politically convenient. But leadership demands courage, especially when the right decisions are difficult,” Tinubu stated.
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