The Tinubu Media Volunteers (TMV) has applauded the decision of President Bola Tinubu’s administration to deploy the $20 billion saved from the removal of fuel subsidy and the unification of the foreign exchange market to several life-changing programmes
In a statement signed by its Chairman, Chukwudi Enekwechi, and Secretary Shadrach Sunday, the group identified some of the initiatives being funded with funds that could have gone into subsidy payment.
It read in part: ” Some of the policies and programmes introduced by the Tinubu administration which are being funded by subsidy savings include Students loans, Consumer Credit Scheme, the Compressed Natural Gas (CNG) initiative as well as infrastructure development including ongoing Renewed Hope Housing schemes in all 36 states and the Federal Capital Territory (FCT).
“We are also gratified that the resultant effect of the oil subsidy removal is that enough resources are now available for the development of the country’s dilapidated infrastructure and social services such as health, education, sanitation, and water supply, among others.
“The reality is that Nigeria is no longer spending about $20 billion on subsidies, and the implication is that the country has moved from a deficit to an economy that is growing exponentially.
“Nigerians also need to know that one of the benefits of the $20 billion savings is that money borrowed in the past is being paid and reduced from a burgeoning debt of about $108billion; the Tinubu administration has reduced it to about $91 billion within one year of the administration.
“Going by this trend, there is no doubt that in the next two years, the national debt would decrease significantly.
We note that this money could have gone into payment of oil subsidy by the Nigerian National Petroleum Company Limited (NNPCL) rather than being remitted to the federal coffers if the Tinubu administration was not visionary and patriotic to stop it.
“Today, Nigeria is a huge construction site with two major legacies, the Lagos –Calabar coastal highway and the Badagry-Sokoto highway, going on simultaneously while railway projects inherited from the Buhari administration are ongoing as planned.
“Similarly, the Tinubu administration has embarked on massive housing projects across Nigeria, and this is worth commending.
TMV also urged Nigerians to repose faith in the ability of President Tinubu and his team to reposition the economy for the good of all and sundry.
