Minister reveals use of funds saved from subsidy removal
The Tinubu Administration is utilizing funds saved from the cessation of subsidy payments to finance impactful projects and initiatives, according to Minister of Information and National Orientation, Mohammed Idris. These initiatives include student loans, both physical and digital infrastructure, low-cost consumer credit, agricultural production, and targeted social investments.
Idris made this statement at the 2024 Annual Conference of the International Press Institute in Abuja, where the theme was “Democracy, Media Freedom, and the Imperative of Protecting the Nigerian Civic Space.”
He also discussed proposed tax reforms, media freedom, the protection of Nigeria’s civic space, the country’s energy transition, and judicial reforms, all of which are central to President Bola Ahmed Tinubu’s Renewed Hope Agenda.
“After the removal of the petrol subsidy, President Tinubu is guiding Nigeria into a significant energy transition phase, with the introduction of Compressed Natural Gas (CNG) as an alternative fuel for vehicles and machinery,” Idris explained. “The rollout of CNG infrastructure is cutting transportation costs by up to 60%, creating jobs, and attracting substantial local and foreign investments.”
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The introduction of the Student Loan (Access to Higher Education) Act 2024, which established the Nigerian Education Loan Fund (NELFUND), offers young Nigerians a clear path to affordable tertiary education. Additionally, the Consumer Credit Corporation has been established to provide low-cost, flexible consumer credit.
“The President is focused on increasing the financial well-being of Nigerians and creating opportunities for sustainable prosperity,” Idris added.
The minister emphasized that Nigeria is on the verge of significant economic reform, guided by the Renewed Hope Agenda, which aims to diversify the economy, develop human capital, improve infrastructure, foster innovation, and promote inclusive growth.
He elaborated on the tax reform initiative, which aims to simplify Nigeria’s tax system and ease compliance, while reducing the tax burden on vulnerable groups. The reforms, which include new tax exemptions for various individuals and businesses, will complement broader macroeconomic efforts to drive the country’s economic transformation.
Idris highlighted President Tinubu’s commitment to media freedom and the protection of Nigeria’s civic space, noting that despite occasional challenges, the press in Nigeria remains largely free, particularly under the current administration.
“There have been challenges and threats, but overall, Nigeria has enjoyed a free and open press, with the expansion of media organizations across print, broadcast, and digital platforms,” Idris stated. “Since President Tinubu took office in May 2023 and I assumed my position in August, we have committed to upholding and expanding press freedom.”
He added that whenever press freedom was under threat, he personally intervened to ensure that due process was followed and the rights of the press were respected.
President Tinubu, a long-time media entrepreneur and pro-democracy advocate, has placed a high priority on reforming and strengthening the judiciary to safeguard fundamental rights that support a thriving civic space.
Idris also emphasized that while the civic space is about rights, it also entails responsibilities, including respecting all stakeholders. “Freedom comes with responsibility,” he said. “Media freedom is about recognizing the immense power the press holds in shaping public opinion and maintaining a permanent public record, and not abusing that power.”
Proofreading by Uchechi Ojo, Sub-editor at NeptunePrime.
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