Adeola backs Tinubu’s Tax Reforms, says Nigeria saving over ₦10 Trillion annually

By Adejoke Adeleye

Senator Olamilekan Adeola, popularly known as Yayi, has thrown his weight behind President Bola Tinubu’s tax reforms and subsidy removal policy, declaring that the measures have placed Nigeria on a sound economic footing and are saving the country more than ₦10 trillion every year.

Adeola made the remarks on Saturday during his 2025 Thanksgiving Service and end-of-year celebration held in Ilaro, Ogun State, where he addressed supporters, party leaders and government officials on the economic direction of the country.

According to the lawmaker, Nigeria’s decision to remove fuel subsidies has freed enormous resources previously spent on sustaining an unsustainable system. He explained that before the policy change, the Federal Government was borrowing between ₦7 billion and ₦8 billion monthly to fund fuel subsidies, an exercise he said translated to about ₦10 trillion annually.

“With the removal of subsidy, Nigeria has stopped borrowing to consume,” Adeola said, adding that the savings are now being redirected towards long-term economic stability and national development.

The senator argued that the reforms have brought greater predictability to Nigeria’s economy, noting that while work remains ongoing at the macroeconomic level, early indicators suggest the country is moving in the right direction.

“Nigeria is now getting it right. We can predict the kind of economy we are running. The microeconomy is stabilising and we are working on the macroeconomy as well,” he said, expressing confidence that Nigerians would begin to feel the impact of the reforms in the near future.

Adeola also pointed to major infrastructure projects as evidence of the administration’s reform-driven development agenda. He cited the Lagos–Calabar Coastal Road and the Sokoto–Badagry Highway as landmark initiatives that, in his view, symbolise the rebuilding of the Nigerian economy.

“These projects are building a new Nigeria — one that works for everybody and for all,” he said, while commending President Tinubu for what he described as decisive and courageous leadership.

On ongoing discussions around tax reforms, the senator dismissed suggestions of discord between the executive and the legislature. He stressed that the National Assembly is aligned with the Presidency on the reform agenda and assured Nigerians that legislative amendments, where necessary, would be transparently handled.

“There is no crisis over tax reform. We are on the same page with the executive. Whatever eventually passes is what will be implemented, and any amendment that occurs is done openly by the National Assembly in the interest of Nigeria,” Adeola stated.

The lawmaker also praised Ogun State Governor Dapo Abiodun for what he described as transformative infrastructure projects, particularly the Gateway International Airport and the proposed seaport, which he said have significantly boosted the state’s economic profile.

Adding his voice, the Minister of State for Health, Ishiaq Salako, said the country is already witnessing positive changes from the reforms, pointing to the absence of fuel queues and renewed efforts to tackle insecurity.

Salako projected that Nigeria’s economy could grow by 4.49 per cent in 2026, with inflation expected to ease to 12.94 per cent, urging critics of the government to acknowledge the long-term benefits of the reforms.

In his sermon, the Bishop of the Cathedral Church of Christ, Micheal Oluwarombi, admonished Adeola to sustain his partnership with God and remain committed to thanksgiving. Preaching from the books of Luke and 1 Kings, the cleric described the senator as a public servant who has remained disciplined and urged him to continue in gratitude, which he said was the foundation of his success.

The event blended politics, policy and faith, underscoring the ruling party’s message that Nigeria’s economic reforms, though challenging, are laying the groundwork for long-term national renewal.