The Tinubu Media Support Group (TMSG) has commended President Bola Tinubu for investing majority of funds saved from the removal of fuel subsidies in road projects across the country.
This, according to the group, is a fulfilment of the President’s promises after his bold step of removing fuel subsidies in May 2023.
Mr Emeka Nwankpa, the Chairman of TMSG, in a statement, noted that several roads were either being constructed or rehabilitated simultaneously across the country from the N5 trillion annual savings from fuel subsidy removal.
“It is on record that the Bola Tinubu administration inherited about 2,600 road projects with several of them in various stages of completion as a result of efforts of the past ex-President Muhammadu Buhari’s administration.
“We, however, know that funding has always been an issue, which is why Nigeria witnessed the advent of the Tax Credit scheme.
“This allows corporations to fix or build roads instead of tax payment, as part of efforts to bridge the funding gap for infrastructure development and renewal.
“But with over N5 trillion savings that was hitherto used to import cheaper fuel annually, we dare say that the federal government now has more funds to channel into the over 2,000 road projects nationwide,” the group said.
It stated that Nigeria spent an estimated 75 billion dollars on fuel subsidy between 2005 and 2022, an average annual spending of 5 billion dollars; more than the yearly expenditure in several sectors combined.
“But with the removal of subsidy on petroleum, the pump price of fuel moved from N200 a litre to N1000 to the chagrin of many Nigerians.
“Conversely, the federal government as well as the sub nationals now have more money at their disposal to spend on infrastructure and other programmes that could improve productivity.
“So, not surprisingly, the Tinubu administration opted to invest a chunk of what could have gone into payment for fuel subsidy on road infrastructure to the extent of embarking on multiple construction and rehabilitation work,” TMSG stated.
According to the group, in the last few months, the Tinubu administration has embarked on some ambitious, legacy road projects including
the Lagos–Calabar Coastal Highway, the Sokoto–Badagry Superhighway and the Abakaliki–Abuja Highway.
It said the Akwanga–Jos–Bauchi–Gombe Highway, and the Abuja–Kano Expressway, amongst others, were being upgraded.
“Similarly, there are at least 260 ongoing emergency repair interventions with 162 situated in the North and 98 in the South.
“A fact sheet from the works ministry shows that out of the 2,735 kilometres covered under the Renewed Hope Legacy Projects, 1,414 km (52 per cent) are in the North, while 1,321 km (48 per cent) are in the South.
“We are also aware that in a few days, some of the roads undergoing emergency repairs are expected to be commissioned in commemoration of President Tinubu’s second year in office,” said TMSG.
The group also expressed hope that by the time the President marked his third anniversary, several sections of the legacy roads would have been completed and ready for use by Nigerians. (NAN)
