Funds from subsidy removal will be channelled into critical infrastructure – Tinubu

President Bola Tinubu on Monday declared that funds saved from the removal of fuel subsidy will be channelled into critical infrastructure, social safety nets, and targeted economic reforms.

He reaffirmed that his administration’s commitment to transparency and accountability in public finance management.

The President gave the assurance when he declared open the 2025 National Conference on Public Accounts and Fiscal Governance, themed “Fiscal Governance in Nigeria: Charting a New Course for Transparency and Sustainable Development.”

The Director, Information and Public Relations, federal ministry of finance, Mr. Mohammed Manga in a statement said Tinubu who was represented by the Minister of State for Finance, Dr. Doris Uzoka-Anite, emphasized the importance of transparency and accountability in public finance management, citing steps taken to digitise public finance systems through platforms such as the Integrated Payroll and Personnel Information System (IPPIS), the Government Integrated Financial Management Information System (GIFMIS), and the Open Treasury Portal. These platforms, he stated, ensure that public funds are traceable, public officers are accountable, and the Nigerian people are empowered with information.

In his words, “Fiscal governance is the lifeblood of national development. Without accountability, transparency, and sound management of public resources, no nation can prosper, regardless of its natural wealth.”

Manga stated that the conference brings together key stakeholders, including the National Assembly, government agencies, civil society, and the private sector, to discuss ways to promote fiscal transparency, accountability, and sustainable development in Nigeria.

“This gathering is a significant milestone in Nigeria’s pursuit of transparency, accountability, and sustainable development, providing a platform for stakeholders to discuss critical issues, share best practices, and chart a new course for fiscal governance in Nigeria.

“By strengthening the role of the Public Accounts Committees and promoting transparency and accountability in government, the President’s administration demonstrates its commitment to fiscal discipline and responsible governance.

“The conference is expected to yield actionable recommendations that will further promote fiscal transparency and accountability in Nigeria, ultimately contributing to the country’s national development,” the statement added.