Senator Olamilekan Adeola (Ogun West) on Saturday defended President Bola Tinubu’s removal of petrol subsidies and the administration’s tax reforms, arguing the measures are saving Nigeria more than N10 trillion annually and putting the economy on what he called a more “predictable” and sustainable footing.
Adeola spoke during his 22nd thanksgiving service in Ilaro, responding to growing criticism over the social costs of Tinubu’s reform agenda. He said Nigeria previously relied on heavy borrowing to sustain fuel subsidies, claiming the country borrowed “between N7 billion and N8 billion” to keep the programme running and that the burden translated to “not less than N10 trillion” each year.
Nigeria removed its longstanding petrol subsidy shortly after Tinubu took office in May 2023, a move the government said was necessary to stop a drain on public finances and redirect funds to infrastructure and social spending.
Independent estimates have repeatedly put the subsidy bill in the trillions of naira: data previously cited by Reuters showed Nigeria’s state oil firm spent 4.39 trillion naira on petrol subsidy in 2022.
Adeola said the reforms were beginning to stabilise the economy. “Before subsidy removal, the country was bleeding financially. Today, Nigeria is on the right track,” he was quoted as saying, adding that efforts were underway to strengthen the “macro-economy.”
He pointed to flagship road projects — including the Lagos–Calabar Coastal Highway and the Sokoto–Badagry corridor — as evidence of Tinubu’s focus on long-term development.
On tax reforms, Adeola dismissed suggestions of tension between the National Assembly and the executive, insisting both sides were aligned on whatever is eventually implemented. His comments come days after Tinubu reaffirmed that new tax laws would take effect from Jan. 1, 2026, despite calls for delay and claims by some critics that conflicting versions of the legislation were in circulation.
Minister of State for Health, Dr. Ishiaq Salako, who also spoke at the event, said the reforms were already yielding results, citing the disappearance of fuel queues in many areas and ongoing security efforts. He referenced Nigeria’s central bank outlook projecting 4.49% growth in 2026 and average inflation easing to 12.94%.
