President Bola Ahmed Tinubu has said Nigeria was spending as much as ₦18.4 billion every day to sustain petrol subsidy before his administration removed the policy.
Tinubu stated this in his nationwide address marking the third anniversary of his administration.
According to the President, Nigeria spent over ₦4 trillion on fuel subsidy in 2022 alone, describing the old system as unsustainable and damaging to the economy.
He said the money spent on subsidy could have been channelled into roads, healthcare, education, housing and other critical infrastructure needed by Nigerians.
“At the height of the subsidy regime, Nigeria was spending as much as ₦18.4 billion daily to sustain petrol subsidies,” Tinubu said.
The President also criticised the former multiple exchange-rate system, saying it encouraged arbitrage, rent-seeking and speculation.
He added that Nigeria lost more than ₦8 trillion within three years through the old foreign exchange arrangement.
Tinubu said his government inherited an economy that required urgent and difficult decisions, stressing that leadership sometimes demands courage even when the right choices are painful.
