Sani Musa, the Chairman of the Senate Committee on Finance, stated that President Bola Tinubu’s economic reforms, particularly the naira float and fuel subsidy removal, were among the best developments for Nigeria.
The reporter notes that when President Tinubu took office in May 2023, he eliminated the long-standing fuel subsidy, which had been costing the government billions annually, and liberalized the naira to attract greater investment.
Government officials have stated that these reforms were essential to reviving the economy, and investors have welcomed the changes. However, Nigerians are now facing fuel prices that have tripled and inflation reaching 25 percent.
Senator Sani, speaking on Channels Television’s Politics on Friday 8/11/24, stated that removing the subsidy on petroleum products was the best decision for Nigeria.
“We want to ensure that our actions do not have a negative impact on Nigerians. The government’s decision to remove the subsidy is the best thing that has happened to this country,” he added.
The senator, representing Niger East district in the National Assembly, argued that the Federation Account Allocation Committee (FAAC) provides sufficient funds to states each month. However, he criticized some states for not properly utilizing these allocations to address key issues within their regions.
“How much do we owe today? If the funds Nigeria is generating and the allocations FAAC is distributing to the states were used effectively by the state governments, many problems would be resolved,” he said.
