If elected, Bola Tinubu, the presidential candidate for the All Progressives Congress, or APC, has pledged to end the fuel subsidy.
Goldennewsng reports that On Friday, Tinubu made the revelation during a meeting with business leaders in Lagos State.
The spokesperson for the APC stated that, among other things, public infrastructure, health, and physical policies would receive funds from fuel subsidies.
He stated, ” The PMS subsidy must be eliminated immediately. We will reinvest funds in affordable infrastructure, public infrastructure, and health care.
“Physical policy will be the main driver; we must gradually shift our budget away from oil revenue that is dominated by dollars.”
Some economic stakeholders have characterized Nigeria’s annual expenditure on fuel subsidies as fraudulent.
In a similar vein, Labour Party presidential candidate Peter Obi referred to Nigeria’s fuel subsidy program as organized crime.
If elected president next month, Obi pledged to eliminate the fuel subsidy.