President says over ₦4tn spent in 2022 alone, blames past policies for massive losses and defends tough economic reforms

President Bola Ahmed Tinubu has disclosed that Nigeria was spending an estimated ₦18.4 billion every day to maintain petrol subsidy before his administration scrapped the policy, underscoring the scale of what he described as a crippling financial burden on the country.

Speaking in a nationwide broadcast to mark the third anniversary of his administration, Tinubu said the subsidy regime had become unsustainable, with over ₦4 trillion spent on fuel subsidies in 2022 alone.

He argued that the massive outlay drained public resources that could have been redirected to critical sectors such as infrastructure, healthcare, education, and housing.

“At the height of the subsidy regime, Nigeria was spending as much as ₦18.4 billion daily to sustain petrol subsidies,” the President stated.

Tinubu also took aim at Nigeria’s former multiple exchange-rate system, blaming it for encouraging arbitrage, rent-seeking, and speculative activities that weakened the economy.

According to him, the country lost more than ₦8 trillion within three years due to distortions created by the foreign exchange framework.

The President maintained that his administration inherited a fragile economic structure that required urgent and decisive action, noting that difficult reforms are often necessary for long-term stability.

He emphasised that leadership sometimes demands making tough choices, even when they come with immediate hardship, insisting that his government’s policies are aimed at restoring economic balance and securing Nigeria’s future.