The Federal Government of Nigeria has saved N1tn in the two months since the removal of the petrol subsidy.
President Bola Tinubu revealed this on Monday during a nationwide broadcast.
He said these monies that would have been otherwise squandered by those he called “smugglers and fraudsters” will now be channeled into intervention programmes targeting families nationwide
“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.”
Mr Tinubu 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 said.
The president said the funds so far saved from subsidy removal “will now be used more directly and more beneficially for you and your families.”