The Nigerian Presidency has said President Bola Ahmed
Tinubu’s economic reforms, particularly the removal of fuel subsidies, saved
over 19 states from bankruptcy.
According to Daniel Bwala, Special Adviser to the President on Policy
Communication, the subsidy removal policy has significantly increased
government revenue and stabilized the finances of many states.
Bwala revealed that before President Tinubu took
office, over 19 states were struggling to pay salaries and were on the verge of
bankruptcy. However, thanks to the president’s policy, these states are now in
a better financial position.
“The president’s policy of subsidy removal has generated increased revenue.
Today, states are no longer discussing insolvency or bankruptcy,” Bwala
explained during an appearance on TVC’s This Morning Show.
President Tinubu announced the removal of fuel subsidy
during his inaugural address on May 29, 2023. The move led to an increase in
the price of PMS, rising from N180 to about N620 per litre and later to
approximately N1,200 at retail filling stations.
Comments:
Leave a Reply