…Funds 40 Key Road Projects
The Federal Government has declared that the historic removal of the petrol subsidy by President Bola Ahmed Tinubu has not only halted a massive economic drain but has also redirected critical resources to national infrastructure development. According to official statements, the policy shift has saved Nigeria over $84 billion and enabled the financing of 40 strategic road projects across the country in just two years.
Minister of Information and National Orientation, Mohammed Idris, made the disclosure during a press briefing in Abuja on Monday, highlighting the administration’s commitment to transparency, economic stability, and long-term development.
“For decades, the petrol subsidy was a burden on our national finances, draining resources that could have been better spent on critical infrastructure and public services,” Idris stated. “Thanks to the bold move by President Tinubu to end the subsidy regime, we have been able to recover more than $84 billion, which is now being used to transform our road networks and boost economic growth.”
The minister noted that the reallocation of funds has directly supported the construction, rehabilitation, and expansion of 40 major road projects spanning all six geopolitical zones. These include the long-awaited completion of segments of the Lagos-Ibadan Expressway, the Abuja-Kano Road, the East-West Road in the Niger Delta, and several other arterial routes key to commercial and social activity.
Experts have praised the subsidy removal as a difficult but necessary step toward economic sustainability. For years, the petrol subsidy consumed a significant portion of the national budget, often surpassing expenditures on education, health, and infrastructure combined.
“The results are becoming evident,” said Dr. Ifeanyi Okeke, a transportation economist at the University of Nigeria, Nsukka. “We’re seeing actual roads being completed, new contracts awarded, and an improvement in logistics efficiency that supports both local and international trade.”
The government also assured that social intervention programs are being rolled out to cushion the impact of the subsidy removal on vulnerable Nigerians. These include conditional cash transfers, transport subsidies, and expanded investment in renewable energy alternatives.
As Nigeria transitions away from fuel subsidy dependence, stakeholders are optimistic that the savings will continue to be channeled into productive sectors that generate jobs, enhance connectivity, and promote inclusive economic growth.
With the successful reallocation of resources from subsidy payments to infrastructure, the Tinubu administration has positioned itself as a driver of reform with tangible benefits marking a pivotal shift in Nigeria’s development trajectory.
SOURCE: Squicyupdate/Opera