The Federal Government has revealed how funds saved from the removal of fuel subsidies are being channeled into high-impact projects and initiatives under President Bola Tinubu’s Renewed Hope Agenda.
The Minister of Information and National Orientation, Mohammed Idris, disclosed this during the 2024 Annual Conference of the International Press Institute in Abuja.
Idris highlighted that the funds are being invested in student loans, physical and digital infrastructure, consumer credit schemes, agricultural production, and targeted social investments.
These efforts aim to alleviate the financial strain on citizens and promote sustainable economic growth.
Energy Transition and Job Creation
According to Idris, one of the administration’s landmark projects is Nigeria’s transition from fossil fuels to Compressed Natural Gas (CNG) for vehicles and machinery.
This shift is expected to lower transportation costs for Nigerians by up to 60%, create new job opportunities, and attract local and foreign investments.
“Following the removal of petrol subsidy, President Tinubu is gradually guiding Nigeria into an unprecedented energy transition phase, launching a presidential initiative to move the country from fossil fuels to Compressed Natural Gas (CNG) as fuel for vehicles and machinery.
‘’The ongoing rollout of CNG and associated infrastructure is reducing transportation costs for Nigerians by up to 60 percent, creating jobs, and attracting tens of millions of dollars in local and foreign investment,” Idris stated.
Education Reform and Student Loan Access
The administration has also introduced the Student Loan (Access to Higher Education) Act 2024, which established the Nigerian Education Loan Fund (NELFUND). The initiative offers Nigerian students a clear path to affordable tertiary education.
To support this effort, the Federal Government has approved N110 billion to cover tuition fees for 120,000 students attending public tertiary institutions.
This move aims to make higher education accessible to students from less privileged backgrounds.
“The young people of Nigeria now have a clearer path to sustainable tertiary education through the Student Loan (Access to Higher Education) Act 2024, which has established the Nigerian Education Loan Fund (NELFUND),” he said.
Consumer Credit and Economic Empowerment
The government has also launched a consumer credit scheme to enable Nigerians to access funds to purchase locally-made products on credit. Initially, 500,000 civil servants across the country will be the first set of beneficiaries.
Additionally, a Consumer Credit Corporation has been established to guarantee access to low-cost, flexible consumer loans, enabling more Nigerians to access essential goods and services.
The minister said, “In multiple ways, the President is focused on putting more money in the pockets of Nigerians and creating avenues for sustainable prosperity.”
Economic Reform and Tax Restructuring
Minister Idris stated that the subsidy removal is part of a broader agenda to recalibrate Nigeria’s economy, which has long been burdened by inefficiencies.
The Renewed Hope Agenda aims to diversify the economy, foster human capital development, and enhance competitiveness.
The Tinubu administration is also pursuing a comprehensive tax reform initiative aimed at simplifying Nigeria’s tax regime, making it easier for citizens and businesses to comply.
The reforms will reduce the tax burden on vulnerable groups, with the introduction of several new tax exemptions.
To address areas of concern, President Tinubu appointed Attorney General and Minister of Justice Lateef Fagbemi to lead a team that will engage with federal lawmakers. The goal is to refine the tax system to make it fairer and more transparent.
Idris told the conference participants that “a recurring highlight of the reforms is the introduction of several new tax exemptions that will benefit various categories of individuals and businesses.”
Media Freedom and Civic Space Protection
On media freedom, Idris reaffirmed the Tinubu administration’s commitment to ensuring press freedom and protecting Nigeria’s civic space. He acknowledged that while challenges persist, Nigeria’s press remains largely free.
He said: “Now, I am not saying that there have not been challenges and threats here and there, but on the whole, Nigeria has enjoyed an openness and freedom that has seen the welcome proliferation of press organisations across print, broadcast, and digital media.
“Since President Bola Ahmed Tinubu assumed office in May 2023, and since I assumed office as Minister of Information and National Orientation in August of that year, we have asserted and reiterated our commitment to ensuring and expanding the freedom of the Nigerian press.
“Every time there has appeared to be a threat to this freedom, I have personally taken it upon myself to ensure that due process prevails and that the fundamental rights of the press are respected.
“The President is a firm believer in media freedom and the protection of Nigeria’s civic space. Not only has he been a media entrepreneur himself, but he has also earned himself a place in history as one of the champions of the pro-democracy movement that saw the permanent end to military rule in Nigeria.”
He emphasized that civic space is not just about rights but also about responsibilities. While journalists have the right to report, they must exercise this power responsibly, respecting the rights of all stakeholders.
“It is about understanding that for every right there is a corresponding responsibility, and that freedom does not come unbridled. It is knowing that media freedom involves knowing and acknowledging the immense power that the press wields, as shapers and molders of public opinion and the permanent public record, and not abusing this power,” he said.
Judicial Reforms and Accountability
Idris revealed that President Tinubu is prioritizing the reform of Nigeria’s judiciary to strengthen citizens’ fundamental rights. This reform aims to guarantee due process and fairness in the legal system, ensuring that justice is accessible to all.
The Minister called on the media to promote healthy debates and avoid demonizing opposing views.
He stressed that elected and appointed public officials must be held accountable, but this process should be balanced with respect for democratic principles.
“There is ample room for holding institutions to account, whether public or private. And yes, those elected and appointed to public office must always understand that they keep these offices in trust for the people, and owe it to these owners to be accountable at all times.
‘’These truths can and must all coexist, if we want to forge a stronger democracy, as the foundation for the strong and prosperous Nigeria of our dreams,” Idris stated.