Kwara State Governor AbdulRahman AbdulRazaq has stated that Nigeria has recorded significant benefits from the removal of fuel subsidy, describing the policy as a major step toward economic stability and fiscal reform. The governor made this known in a statement on Thursday.
Positive Impact on Revenue and Development
According to AbdulRazaq, despite the initial hardship experienced by citizens following the policy change, both federal and state governments have begun to see improvements in revenue allocation and development funding. He noted that the subsidy removal has helped to reduce financial pressure on government resources, allowing for more investment in infrastructure, social services, and other critical sectors.
Increased Fiscal Flexibility for States
The governor added that state governments are now better positioned to plan and execute developmental projects due to increased fiscal flexibility resulting from the reform. He maintained that while the policy was difficult at the early stage, it has started yielding positive outcomes that justify the decision.
Call for Patience and Commitment
AbdulRazaq urged Nigerians to remain patient as ongoing economic reforms continue to stabilise the country and create long-term benefits for citizens. He also reaffirmed his administration’s commitment to ensuring that the gains from the policy are translated into improved living conditions for the people of Kwara State.
The governor’s remarks come as the federal government continues to implement economic reforms aimed at boosting revenue and reducing fiscal deficits. The removal of fuel subsidy has been a key component of these reforms, with the government redirecting saved funds towards infrastructure and social programmes.
