President Bola Tinubu has said that the Federal Government of Nigeria saved over N1tn in the two months of the removal of the petrol subsidy.
Speaking in a live national broadcast on Monday, July 31, Tinubu stressed that the monies that would have been otherwise squandered by those he called “smugglers and fraudsters” would 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.”
Acknowledging the hardship accompanied 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.”
According to Tinubu, “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 stressed.
He said the funds so far saved from subsidy removal “will now be used more directly and more beneficially for you and your families.”
Tinubu however promised to get the Nigeria out of this economic turbulence through the measures his administration has taken so far.