President Bola Tinubu said on Monday that his administration has saved N1trillion in two months since the removal of fuel subsidy.
Tinubu, who stated this in a national broadcast on current economic challenges facing the country, said that the money would have been squandered on a subsidy regime which benefitted only those he described as “smugglers and fraudsters”.
He admitted that the removal of subsidy had brought untold economic hardship on Nigerians, saying the money would be used directly for their benefits.
Tinubu noted that there was an avoidable gap between the presidential pronouncement on subsidy removal and the release of palliatives by government, adding that the gap was being closed.
He also assured Nigerians that the country would navigate away from the current economic challenges occasioned by the policies of his administration.
The president said, “Fellow Nigerians, this period may be hard on us and there is no doubt about it that it is tough on us. But I urge you all to look beyond the present temporary pains and aim at the larger picture. All of our good and helpful plans are in the works. More importantly, I know that they will work.
“Sadly, there was an unavoidable lag between subsidy removal and these plans coming fully online. However, we are swiftly closing the time gap. I plead with you to please have faith in our ability to deliver and in our concern for your well-being.
“We will get out of this turbulence. And, due to the measures we have taken, Nigeria will be better equipped and able to take advantage of the future that awaits her.
“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. That money will now be used more directly and more beneficially for you and your families.”
