Former presidential aide and Ambassador-designate to Mexico, Reno Omokri, has said funds generated from the removal of fuel subsidy are being channelled into key sectors of the economy, including infrastructure, education, regional development and the strengthening of Nigeria's foreign reserves.
Omokri, in a statement posted on social media, said the policy introduced by President Bola Ahmed Tinubu has provided the Federal Government with additional resources to fund development projects and increase allocations to states.
According to him, Nigeria's foreign reserves have recorded significant growth since the subsidy was removed, a development he said has improved the country's economic stability and ability to withstand external shocks.
He also stated that monthly allocations to the three tiers of government through the Federation Account Allocation Committee (FAAC) have increased, enabling state governments to meet financial obligations and improve public service delivery.
Omokri further noted that development commissions established across the country's geopolitical zones are receiving federal funding to support regional growth and infrastructure development.
On education, he said more than one million students are benefiting from the Nigerian Education Loan Fund (NELFUND), which provides financial support to indigent students pursuing higher education.
The ambassador-designate also cited major infrastructure projects, including the Lagos-Calabar Coastal Highway, the Illela-Sokoto-Badagry Superhighway and the Trans-Saharan Road, as examples of projects being funded under the administration's development agenda.
He maintained that the gains from fuel subsidy removal are reflected in ongoing investments across critical sectors and dismissed claims that the savings from the policy cannot be accounted for.
Omokri said the funds are being redirected toward programmes and projects aimed at promoting economic growth, improving infrastructure and enhancing the welfare of Nigerians.
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