Positive Effects Of Fuel Subsidy Removal And Other Reforms Of President Tinubu

It is an obvious that despite the current economy hardship being experienced in the country, there are still positive effects of fuel subsidy removal and the other reforms of President Bola Tinubu.

According to Nigeria Presidency, the below are some of the positive effects of fuel subsidy removal and other reforms of President Bola Tinubu’s administration:

– Monthly allocations to many states and local governments have increased significantly with some getting up to 40% increase.

– ⁠Nigeria has successfully paid billions of inherited debts from several administrations.

– ⁠Hundreds of billions have been allocated to the revolutionary Students loan and Consumer Credit Schemes.

– ⁠Landmark infrastructures are currently going on across the country with existing roads and railways getting completed and new ones such as Lagos-Calabar highway moving at incredible pace.

– ⁠Nigeria’s foreign reserves has increased from $34bn in 2023 to $39bn in October 2024.

– ⁠Debt to revenue ratio has dropped drastically from 97% in 2023 to around 64%.

– ⁠Fuel consumption has dropped drastically from 66million litres daily to 25million liters signifying a massive reduction in smuggling to nearby countries.

– ⁠Payment of debts owed to gas companies has resulted in massive improvements in electricity generation from 4300MW to 5500MW.

– Over 1 million MSMEs have benefited from N50,000 grants.

– Minimum wage has been increased from N30,000 to N70,000

However, it has been a challenging year so far but it must be said that so much progress has been made in the bid to reposition Nigeria’s economy for a sustainable future.

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