President Bola Tinubu in his nationwide address on Monday revealed that the government has saved a staggering N1 trillion in just two months since the removal of the petrol subsidy. This decision was made to prevent the misappropriation of funds by what he termed “smugglers and fraudsters.”
Tinubu emphasized that the saved funds would now be redirected towards intervention programs benefiting families across the country.
“In a little over two months, we have saved over a trillion Naira that would have been squandered on the unproductive fuel subsidy which only benefitted smugglers and fraudsters,” Tinubu said in his nationwide broadcast on current economic challenges in the country.
While acknowledging the hardship occasioned by an unavoidable lag in palliative measures these past 62 days, he urged Nigerians to “look beyond the present temporary pains and aim at the larger picture.”
“I plead with you to please have faith in our ability to deliver and in our concern for your well-being.
“All of our good and helpful plans are in the works. More importantly, I know that they will work,” he affirmed.
He said the funds so far saved from subsidy removal “will now be used more directly and more beneficially for you and your families.”
President Tinubu also promised to get the nation out of this economic turbulence through the measures his administration has taken so far.
