Imo State Governor, Hope Uzodimma, has described the removal of the petrol subsidy as a positive development for state governments, emphasizing the financial benefits it brings to support infrastructure and other critical projects.
The governor made this statement while inspecting projects in Imo State as part of activities marking the first anniversary of his second term in office.
During the inspection, he pointed out how the decision to end fuel subsidies has boosted state revenues, creating new opportunities for growth and development.
He went further to explain that states are now receiving increased funds due to the removal of the subsidy. These additional revenues, he said, must be effectively utilized by state governments to deliver on the promises made to their citizens.
He said, “In reconciling the negative effects of the fuel subsidy removal and the benefits in terms of socio-infrastructure, social benefits, and then the ease of doing business occasioned by the provision of the enabling infrastructure, I think it is a blessing.
“It is a direct blessing; it is not a disguise to the sub-nationals because more monies are now coming to states and state governments must do things to show citizens that they are able to do these things because they now get more monies as a result of the fuel subsidy removal by the Federal Government.”
The removal of the fuel subsidy was announced by President Bola Ahmed Tinubu during his inauguration on May 29, 2023. The President made it clear that his administration would no longer fund the subsidy, citing its long-term economic impact.
