The Chairman of the Senate Committee on Finance, Sani Musa, has applauded President Bola Tinubu’s economic reforms, particularly the devaluation of the naira and the elimination of fuel subsidies, as being pivotal moments for Nigeria.
Upon taking office in May 2023, President Tinubu ended a long-standing fuel subsidy that had been costing the government billions annually and also liberalized the naira currency, aiming to attract more foreign investment.
Government officials have stated that these reforms were essential for reviving the country’s economy. While investors have praised the initiatives, Nigerians are grappling with the increased cost of fuel, now at three times its previous price, and inflation, which has reached 25 percent.
However, Senator Sani, during an appearance on Channels Television’s Politics Today on Friday, expressed his belief that the removal of subsidies on petroleum products has been the best policy move for Nigeria.
“We want to be sure that what we are doing is not going to reflect negatively on Nigerians.
“What this government is doing, by virtue of the fact that we removed subsidy, removing subsidy is the best thing that has happened to this country,” he said.
Representing Niger East district in the National Assembly, Senator Sani pointed out that the Federation Account Allocation Committee (FAAC) allocates funds to states on a monthly basis.
He, however, criticized some states for not effectively utilizing these funds to tackle significant issues within their areas.
“Today how much are we owing? If the money that Nigeria is making today and the money that FAAC is distributing to the states, the state governments utilize that money adequately, a lot of things will go well,” he said.
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