In an official statement, Mohammed Malagi, the Minister of Information and National Orientation, has provided rationale for the recent removal of subsidy in Nigeria.
Malagi asserted that the decision, spearheaded by President Bola Tinubu, is poised to yield favorable outcomes for the nation.
During a meeting on Tuesday with Governor Umar Bago of Niger State at his office in Abuja, Malagi emphasized that the Nigerian populace will soon experience the beneficial repercussions of the petrol subsidy removal.
The minister acknowledged that while there may be initial challenges, the long-term advantages are set to overshadow these temporary inconveniences.
Addressing the fiscal aspect, Malagi underlined that the Federal Government has already begun to accumulate significant savings resulting from the subsidy removal. A portion of these funds has been allocated to the states to mitigate the economic implications of the petrol subsidy elimination.
This financial support is designed to alleviate the immediate hardships that some citizens might face due to the change in policy.
Malagi stated, “It is evident that the decision to eliminate the fuel subsidy was taken in the best interest of Nigerians.
“We have consistently emphasized that the initial difficulties will give way to eventual benefits and positive outcomes.
“Within a short span of time, substantial savings have been accrued, and a portion of these resources is already being disbursed to the states.
“This demonstrates our commitment to ameliorating the challenges brought about by the subsidy’s removal.”
In addition to justifying the subsidy’s removal, the minister conveyed his confidence in the Tinubu administration’s ability to execute its comprehensive eight-priority agenda.
Malagi firmly believes that these initiatives will contribute to the well-being and advancement of the Nigerian populace.