Sanwo-Olu: Subsidy Removal to Save Nigeria $2.5 Billion

InfoStride News reported that Lagos Governor Babajide Sanwo-Olu highlighted President Bola Tinubu’s bold move to eliminate fuel subsidies, estimating it could save Nigeria approximately $2.5 billion in budgetary expenses. Sanwo-Olu commended the President’s political will, emphasizing the potential redirection of these funds towards critical sectors like education, health, and poverty reduction.

In an interview with Sky News, UK, Sanwo-Olu urged patience from the Nigerian public, assuring that the positive impacts of subsidy removal would become evident within a year. He underscored Tinubu’s unprecedented audacity, stating, “What Tinubu has done, no President in Nigeria has been able to take that audacity to remove the subsidy on petrol. That in itself will save the country about $2.5 dollars.”

The governor encouraged citizens to support the government’s Renewed Hope program and suggested that tangible relief from interventions would be apparent within six months. Sanwo-Olu expressed optimism about the program’s agenda, which aims to address various challenges and enhance the overall socio-economic landscape of Nigeria.

Addressing the establishment of an international financial council in Lagos, Sanwo-Olu clarified that the goal is to create an investment-friendly environment, positioning the state as a potential financial hub for Africa. Citing Lagos’s substantial population and GDP, he outlined plans for the council to facilitate engagement with global investors, especially in areas such as technology, financial services, and the creative industry.

“The whole idea is for us to be able to let the world, starting from London, know what is happening in Lagos. The council will set up strategies where we can handhold companies, foreign direct investors that want to come into Lagos,” Sanwo-Olu explained. He emphasized the need for significant investments in the tech industry and financial services while expressing a desire for international organizations to contribute to Lagos’s economic growth.

In conclusion, InfoStride News covered Governor Sanwo-Olu’s insights on President Tinubu’s subsidy removal decision, the anticipated positive impacts on Nigeria’s budget, and Lagos’s strategic efforts to become a prominent investment destination in Africa.