The Senator representing Ogun West Senatorial District, Olamilekan Adeola (Yayi), has said President Bola Tinubu’s tax reforms and removal of fuel subsidy are saving Nigeria more than ₦10 trillion annually.
Adeola made the disclosure on Saturday during his 22nd thanksgiving service in Ilaro, Ogun State, explaining that the fuel subsidy regime had forced the country to borrow between ₦7 billion and ₦8 billion monthly, amounting to over ₦10 trillion every year.
According to him, the subsidy policy was a major drain on public finances, benefiting only a few Nigerians at the expense of the majority.
“Within two years of assuming office, he succeeded in removing a cankerworm in our economy that had affected our finances over the years fuel subsidy which benefited very few Nigerians at the expense of the majority,” Adeola said.
“With that singular action, the president is saving the country over ₦10 trillion on an annual basis.”
The former Chairman of the Senate Committee on Finance stated that Nigeria was now on a more stable economic path, with improved predictability and deliberate efforts to strengthen both the micro and macro economy.
“Nigeria is now getting it right. We can predict the kind of economy we are running. The micro-economy is doing well, and we are working on the macro-economy as well,” he said.
Adeola also highlighted major infrastructure projects under the Tinubu administration, citing the Lagos–Calabar Coastal Road and the Sokoto–Badagry Highway as transformative developments capable of boosting economic integration and national growth.
He described the president’s reforms as necessary steps toward building a functional and inclusive nation.
“I believe that in no distant future, Nigerians will feel the impact of all the beautiful reforms introduced by the president. In the area of infrastructure, he has done excellently well. The Lagos–Calabar and Sokoto–Badagry roads are building a new Nigeria — a Nigeria that works for everybody,” he said.
Addressing concerns over tax reforms, Adeola dismissed claims of discrepancies or crisis, insisting that the National Assembly and the executive arm were fully aligned.
“On tax reform, there is no doubt and no crisis. We are on the same page with the executive. By the time implementation begins, what was passed is exactly what will be implemented,” he said, adding that lawmakers would only act to protect the integrity of the legislature and the country.
Supporting Adeola’s position, the Minister of State for Health, Ishiaq Salako, said Nigeria was already seeing positive outcomes from the reforms. He noted that fuel queues had disappeared nationwide as of January 3, 2026, while efforts to tackle insecurity were ongoing.
Salako added that the economy was projected to grow by 4.49 per cent in 2026, with inflation expected to ease to 12.94 per cent.
“The president’s reforms, including tax harmonisation and the removal of fuel subsidy, are aimed at boosting revenue and improving efficiency. Despite the controversy, the new tax laws are expected to increase government revenue and simplify compliance,” he said.
He challenged critics and opposition parties to present viable alternatives, insisting that APC policies continued to enjoy the support of Nigerians hopeful about the country’s future.
