President Bola Ahmed Tinubu on Monday revealed that his administration has saved over N1tn in the two months as a result of the elimination of petrol subsidy.
The President made this disclosure while addressing Nigerians on the socio-economic problems facing the nation on Monday.
Tinubu said the fund that would have gone to “smugglers and fraudsters” has been earmarked for various intervention programmes.
“In a little over two months, we have saved over a trillion Naira that would have been squandered on the unproductive petrol subsidy which only benefitted smugglers and fraudsters,” Tinubu said in his nationwide broadcast on current economic challenges in the country.
“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.”
Tinubu also promised to set the nation on a stronger socio-economic footing with various economic transformative policies in order to alleviate poverty in the land.
