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The removal of fuel subsidy has saved Nigeria more than N1 trillion.
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The amount was saved as it was not channelled to ‘smugglers and fraudsters’
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The saved money will now be invested in appropriate interventions programmes targeting families nationwide
President Bola Tinubu has revealed that fuel subsidy removal has enabled the country to save over N1 trillion in expense.
President Tinubu said this on Monday during a nationwide address to Nigerians.
According to the President, same monies would squandered by “smugglers and fraudsters” if it was paid as subsidy.
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He said;
“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, who acknowledged that the removal of subsidy has caused severe hardship in recent times, 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 added that the funds saved from subsidy removal “will now be used more directly and more beneficially for you and your families.”
Conclusively, Tinubu promised to deliver Nigeria out of the current economic crisis.
