OPENING REMARKS BY THE HONOURABLE MINISTER OF INFORMATION AND NATIONAL ORIENTATION, MOHAMMED IDRIS, FNIPR, AT THE PRESS CONFERENCE ON THE RELEASE OF DETAILS OF FUEL SUBSIDY SAVINGS, HELD AT THE FEDERAL MINISTRY OF FINANCE CONFERENCE HALL, ABUJA, ON WEDNESDAY, 19 AUGUST 2026
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I am pleased to welcome you to this important press conference, convened to provide Nigerians with clear and factual information on the savings arising from the removal of the fuel subsidy.
The decision to remove the fuel subsidy was undoubtedly one of the most significant and difficult economic reforms undertaken by this Administration. We recognise that it has required sacrifices and adjustments from individuals, families, businesses and communities across the country.
But the Government has also been clear from the outset that resources previously committed to subsidising fuel consumption must be redirected towards investments that can deliver greater and more sustainable value to the Nigerian people.
Today’s briefing is therefore an important part of keeping faith with Nigerians.
Citizens have a right to know the financial implications of major economic decisions taken on their behalf. They have a right to know what resources have been freed up, what these resources mean for the Federation, and how the benefits of reform are being translated into tangible improvements in their lives.
This is fundamentally about transparency and accountability.
The conversation around subsidy removal cannot end with the policy decision itself. Nigerians deserve to know what the reform has achieved, the resources that have accrued from it, and how these resources are supporting the broader objectives of economic renewal, infrastructure development and improved public welfare.
The figures and details that will be presented today will provide an important basis for that understanding.
I therefore commend the Honourable Minister of Finance and Coordinating Minister of the Economy and the entire economic management team for this opportunity to place the facts before Nigerians and provide clarity on an issue that has understandably generated significant public interest.
The Administration of President Bola Ahmed Tinubu remains committed to open and continuous engagement with Nigerians. Our responsibility is not merely to announce policies, but also to explain them, acknowledge the challenges associated with them, account for their outcomes, and demonstrate how difficult decisions taken today are laying the foundations for a stronger and more sustainable economy.
Ladies and gentlemen, this briefing is about the facts. I will therefore not pre-empt the detailed presentation that is to follow.
The Honourable Minister of Finance and Coordinating Minister of the Economy will now take us through the details of the savings arising from the removal of the fuel subsidy, what the figures represent, and their implications for the economy and the Nigerian people.
I thank members of the media for your presence and for your continuing responsibility to accurately inform the Nigerian public.
Thank you.
