President Bola Tinubu has said the Federal Government would soon publish details of how resources saved from the removal of fuel subsidy had been utilised.
Tinubu disclosed this on Thursday while receiving the leadership of the Nigerian Union of Petroleum and Natural Gas Workers, where he defended the impact of the subsidy removal and highlighted government projects funded through long-term financing.
The President recalled his engagement with NUPENG before his election, saying the union had raised the possibility of industrial action over the subsidy policy.
He said the discussions were “a very, very friendly and frank discussion,” adding that he had made his position on the subsidy clear before seeking the presidency.
He added that the removal of the subsidy had enabled the government to redirect resources towards other areas of the economy and that details of how the resources had been utilised would soon be made public.
“They had a threat of possible strike and something. And I served notice: you may strike or you won’t, but the fuel subsidy will be gone.
“And today, to the benefit of our great country, I will soon publish the utilisation of what it is,” he said.
Tinubu also defended the impact of the policy on ordinary Nigerians, questioning arguments that the government’s economic policies had failed to benefit the “common man.”
“But I listen to people who say common man and all of that, who are the people receiving the salaries in the local government administration.
“Are they not common man and woman receiving salary regularly at the state level? Are they not common man and woman, the ordinary people receiving salary at the federal government regularly?”
According to the President, regular salary payments have wider effects on the economy, including the businesses of market women and the welfare of workers’ families.
“And it affects all the market women around us, including your wives. Yes, the economy is not a church play. It is a system of financial engineering and research that you impress,” he said.
Tinubu said the government had been able to secure funding for long-term infrastructure projects, citing major road networks as examples.
“But I’m glad you have seen the effects of being able to find funding for long-term projects. Legos-Ibadan Road, Abuja-Kaduna, Abuja-Kano, and Sokoto-Badagry, and the highways, and many other road networks,” he said.
The President said the projects were being undertaken in the interest of the economy and the safety of Nigerians.
“It’s all for the good of us and the good of our economy and the safety of our people,” he said.
He also urged NUPENG to ensure that the benefits of Compressed Natural Gas reached commuters, saying the gains were not spreading as quickly as he wanted.
Tinubu said the benefits of CNG were currently going largely to truck owners and appealed to the union to ensure that the reduction in operating costs was reflected in what commuters paid.
“Well, I will appeal to you. We will do more. We will encourage you.
“But ask your drivers to let it trickle to the commuters too. Because whatever benefit that is coming from CNG is going to the pocket of truck owners.
“It’s not spreading as fast as I would like it, but it should spread,” he said.
The President commended NUPENG for its cooperation with his administration, describing the union as “a very good partner of government in progress.”
He said the union occupied “a very critical nerve of the economy of this country.”
Tinubu also recalled the Akodo Resort project, saying it had become an economic asset to the country.
“And I’m glad you recall the Akodo Resort. That Akodo Resort is now one of the greatest value, economic value to this country.
“And all the things that we contemplated and did together, that is why it was important when I was running for this office, to serve you as a very important notice of what I will do,” he said.
The President thanked the union for its cooperation, collaboration and understanding, while pledging continued engagement with NUPENG on economic and energy-related policies.