"I heard a politician ask, ‘Where are the subsidy savings?’ But in 2022, we were borrowing selling $2 billion worth of bonds to cover fuel subsidies. So, it’s not like there was cash lying around that we chose to save. We were funding subsidies with debt." — JJ Omojuwa

"I heard a politician ask, ‘Where are the subsidy savings?’ But in 2022, we were borrowing selling $2 billion worth of bonds to cover fuel subsidies. So, it’s not like there was cash lying around that we chose to save. We were funding subsidies with debt." — JJ Omojuwa

Public commentator JJ Omojuwa has weighed in on the ongoing debate about fuel subsidy savings, clarifying that the idea of having surplus funds is misleading. 

“In 2022, we were selling bonds worth $2 billion just to finance the subsidy,” he said. 

“It’s not a matter of having money and choosing to save it; we were actually borrowing to keep the subsidy going.”