The Nigerian diplomat has revealed where the funds saved by President Tinubu from the removal of fuel subsidies are going. Former presidential aide and Nigeria's appointed ambassador to Mexico, Mr. Reno Omokri, has outlined key areas where the proceeds from the removal of fuel subsidies by President Bola Ahmed Tinubu are being invested.
In a statement posted on social media, Omokri said the move to end the fuel subsidy regime has enabled the Federal Government to redirect resources towards boosting foreign exchange reserves, increasing revenue allocations to states, supporting regional development commissions, providing student loans, and executing major infrastructure projects across the country.
According to him, one of the major achievements is the increase in Nigeria's foreign exchange reserves. He noted that a report by JPMorgan Chase in April 2023 showed that Nigeria's foreign reserves stood at about $3.7 billion shortly before the administration of former President Muhammadu Buhari handed over to Tinubu's government.
Omokri stated that since then, reserves have risen to over $50 billion, which he said would help the country withstand any future economic shocks, pay for the import of essential goods, and enhance Nigeria's standing in the eyes of creditors and investors.
He also pointed to increased funds going to states through the Federation Accounts Allocation Committee (FAAC), saying that monthly allocations to the three tiers of government have risen significantly since the subsidy removal.
Citing figures from March 2022 and March 2026, Omokri said FAAC distributions have jumped from about ₦725.6 billion to over ₦2 trillion, which he attributed to the reforms introduced by the Tinubu administration.
Omokri, a former presidential adviser, also spoke about the establishment and support of regional development commissions in all six geopolitical zones, stating that the commissions for the North-West, North-Central, North-East, South-West, South-East, and the Niger Delta are receiving substantial federal support to drive regional development.
On education, Omokri said over one million underprivileged Nigerian students are benefiting from student loans through the Nigerian Education Loan Fund (NELFUND) scheme. He estimated that about ₦300 billion has been allocated to the program under the Renewed Hope Agenda.
Furthermore, the new ambassador cited major infrastructure projects currently underway as evidence of how the savings from subsidy removal are being utilized. Among the projects are the Lagos-Calabar Coastal Highway, the Illela–Sokoto–Badagry Superhighway, and the Trans-Sahara Highway, which he said are designed to improve connectivity across the country's geopolitical zones.
Omokri noted that the increased revenue to states has helped many state governments pay salary arrears and improve public service delivery.
He also said Nigerian universities have experienced greater industrial peace under the current administration than was previously the case, while students now have access to interest-free education loans.
The appointed ambassador emphasized that the benefits of subsidy removal are visibly evident through investments in infrastructure, education, regional development, and the promotion of economic equity.
He therefore dismissed claims by some that Nigerians do not know where the funds from subsidy removal have gone, insisting that the money is being channeled into programs and projects designed to improve public welfare and drive national development.