President Bola Tinubu has said the Federal Government will soon publish details of how funds saved from the removal of petrol subsidy have been utilised.
Tinubu disclosed this on Thursday while receiving the leadership of the Nigeria Union of Petroleum and Natural Gas Workers (NUPENG), where he defended the subsidy removal and highlighted infrastructure projects being financed by his administration.
The President recalled discussions with the union before his election, saying NUPENG had raised concerns about the policy and the possibility of industrial action.
He described the engagement as “a very, very friendly and frank discussion,” adding that he had made his position on subsidy removal clear before assuming office.
Tinubu said, “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.”
The President also rejected suggestions that his administration’s economic policies had failed to benefit ordinary Nigerians.
He pointed to regular salary payments at the local, state and federal levels as examples of how government spending affects households and the wider economy.
Tinubu asked, “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?”
He argued that salary payments also support traders, families and other participants in the economy.
“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 his administration had been able to secure funding for long-term infrastructure projects despite economic challenges.
He cited the Lagos-Ibadan road, Abuja-Kaduna, Abuja-Kano and Sokoto-Badagry highways among major projects benefiting from government financing.
“But I’m glad you have seen the effects of being able to find funding for long-term projects. Lagos-Ibadan Road, Abuja-Kaduna, Abuja-Kano, and Sokoto-Badagry, and the highways, and many other road networks,” he said.
According to him, the projects are designed to improve economic activities and public safety.
“It’s all for the good of us and the good of our economy and the safety of our people,” Tinubu added.
The President also urged NUPENG to ensure that savings from the adoption of Compressed Natural Gas are passed on to commuters.
He said the benefits of CNG appeared to be concentrated among truck owners and were not reaching passengers as quickly as expected.
Tinubu said, “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.”
The President commended NUPENG for its cooperation with the government, 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, which he said had become an important economic asset.
“And I’m glad you recall the Akodo Resort. That Akodo Resort is now one of the greatest value, economic value to this country,” he said.
The President thanked NUPENG for its cooperation and pledged continued engagement with the union on energy and economic policies.
