The current administration under President Bola Ahmed Tinubu claims to be saving at least N500 billion every month following the removal of fuel subsidies.
However, this statement has left many Nigerians puzzled and questioning the government’s financial strategies.
Despite these significant monthly savings, the government continues to borrow from foreign countries, raising concerns among the populace.
Nigerians are facing severe hardships, including insecurity, inflation, banditry, and widespread hunger.
Given these conditions, people are wondering why the government still needs to borrow more money if it’s supposedly saving such a substantial amount.
The logic seems contradictory, if the country is saving N500 billion every month, why is there a need for additional loans? This disconnect has led many to question where these savings are actually going.
The ongoing borrowing raises fears about Nigeria’s future, as it suggests a dependency on foreign loans despite the country’s abundant resources.
Nigeria is rich in natural resources such as petroleum, gold, and agricultural land, yet the benefits of these resources seem to be enjoyed mainly by the political elite senators, ministers, and governors while millions of ordinary Nigerians continue to live in poverty and hunger.
Nigerians voted for change and a renewed hope under President Tinubu’s administration. However, the reality on the ground appears vastly different from what was promised.
The government’s apparent reliance on borrowing, despite the claimed savings, is causing many to lose faith in the administration’s ability to manage the country’s resources effectively.
The big question on everyone’s mind is: where exactly is the N500 billion going every month after the removal of the subsidy? The country has vast agricultural lands, gold in Zamfara, and palm oil and cocoa in the South East.
However, corruption seems to be preventing the country from fully utilizing these resources as alternative sources of income.
Instead of capitalizing on these resources, the government seems to be fixated on petroleum as its primary revenue source.
Nigerians are calling on the government to utilize the country’s resources more effectively and reduce its dependency on foreign loans.
The administration must be transparent about the savings from subsidy removal and invest in sectors that will genuinely benefit the masses.
 Without this, Nigeria risks falling into a cycle of perpetual borrowing and economic instability, which could have dire consequences for its future.
