Senator Olamilekan Adeola, who represents Ogun West Senatorial District, has justified President Bola Tinubu’s decision to remove fuel subsidy and implement tax reforms.
He argued that the measures are saving Nigeria more than N10 trillion each year and repositioning the economy for long-term sustainability.
Adeola spoke on Saturday at his 22nd thanksgiving service in Ilaro, Ogun State, where he addressed growing criticism of the Federal Government’s economic policies.
He explained that prior to the subsidy removal, Nigeria was borrowing between N7 billion and N8 billion every month to keep fuel prices low, an expense he said amounted to over N10 trillion annually.
“Before subsidy removal, the country was bleeding financially. Today, Nigeria is on the right track. We can now predict the kind of economy we are running.
“The micro-economy is improving, and serious work is ongoing to strengthen the macro-economy,” Adeola said.
The senator expressed optimism that Nigerians would soon experience the benefits of the reforms, describing them as unavoidable measures needed to restore economic balance and drive growth.
He further pointed to large-scale infrastructure initiatives, including the Lagos–Calabar Coastal Road and the Sokoto–Badagry Highway, as clear signs of the administration’s focus on long-term national development.
“In the area of infrastructure, the President has done excellently well. These projects are building a new Nigeria a Nigeria that works for everyone,” he added.
Addressing concerns over tax reforms, Adeola dismissed suggestions of tension between the Executive and the National Assembly, maintaining that both arms of government are working in harmony.
“There is no crisis over tax reform. Whatever is eventually implemented will be what the National Assembly passes.
“Any amendment is done transparently and in the interest of Nigeria and the integrity of parliament,” he said.
Adeola also praised Ogun State Governor, Prince Dapo Abiodun, highlighting projects such as the Gateway International Airport and the proposed seaport, which he said have significantly enhanced the state’s economic prospects.
Supporting Adeola’s remarks, the Minister of State for Health, Dr Ishiaq Salako, said the reforms are already producing measurable outcomes.
He noted the disappearance of fuel queues across the country and ongoing efforts to address insecurity.
Salako revealed that economic forecasts project a 4.49 per cent growth rate in 2026, with inflation expected to drop to 12.94 per cent, attributing the positive outlook to subsidy removal and tax harmonisation.
“The new tax laws, despite the controversies, are designed to increase revenue, improve efficiency and simplify compliance,” he said, urging critics and opposition parties to offer better policy alternatives.
“The APC’s progressive policies enjoy the support of many Nigerians who are optimistic about the future,” Salako added.
In his sermon titled “Gratitude That Raises Endorsement,” the Bishop of the Cathedral Church of Christ, Rt. Rev. Michael Oluwarombi, encouraged Senator Adeola to continue nurturing his relationship with God through thanksgiving.
Drawing from Luke Chapter 3 and 1 Kings 3:1–15, the bishop described Adeola as a dedicated public servant and linked his achievements to a life rooted in gratitude, urging him to remain steadfast in thanksgiving to God.