Subsidy removal best thing to happen to Nigeria – Senator Sani

The Chairman of the Senate Committee on Finance, Sani Musa, says President Bola Tinubu’s economic reforms, especially the floating of the naira and removal of fuel subsidy, were the best things to happen to Nigeria.

DAILY POST recalls that upon his inauguration and assumption of office in May 2023, President Tinubu ended a long-standing fuel subsidy that cost the government billions of dollars a year and also liberalised the naira currency in a bid to draw more investment.

According to government officials, the reforms were needed to revive the country’s economy and investors have applauded the moves, but Nigerians are struggling with tripled fuel prices and inflation now at 25 percent.

However, Senator Sani, while speaking on Channels Television’s Politics Today on Friday, said the removal of subsidy on petroleum products was the best thing to happen to Nigeria.

“We want to be sure that what we are doing is not going to reflect negatively on Nigerians.

“What this government is doing, by virtue of the fact that we removed subsidy, removing subsidy is the best thing that has happened to this country,” he said.

The senator, who represents Niger East district in the National Assembly, argued that the Federation Account Allocation Committee, FAAC, disburses enough funds to states on a monthly basis.

He, however, blamed some states for not making good use of the allocation to address some major issues in their jurisdiction.

“Today how much are we owing? If the money that Nigeria is making today and the money that FAAC is distributing to the states, the state governments utilize that money adequately, a lot of things will go well,” he said.