Subsidy Removal: We have saved over N1trillion – Tinubu
President Bola Tinubu has asserted that his administration has saved over N1 trillion following the removal of fuel subsidies. He disclosed this during his nationwide broadcast on the state of the economy.
“In just a little over two months, we have conserved more than a trillion Naira that would have otherwise been wasted on the unproductive fuel subsidy, which primarily benefitted smugglers and fraudsters. This saved money will now be utilized more directly and effectively for you and your families,” Tinubu stated.
Last month, Tinubu declared that he would not support the economic decline of the country by retaining the petrol subsidy. He made this declaration during a reception held in his honor by the Lagos state government.
Tinubu emphasized that the draining of the country’s finances through the petrol subsidy should not be allowed to continue under any circumstance. He said, “We will require the necessary resources to fulfill the promises we made to Nigerians during our campaign.
We must put a stop to the financial drain caused by fuel subsidies and the arbitrary exchange regime. We have no alternative but to redesign the efficiency of resource control and management to meet our obligations to Nigerians.”
Furthermore, Tinubu firmly rejected the notion of seeking personal benefits from such arrangements, stating, “I could have chosen to take my share of the benefit and partake in the arbitrage. But no, God forbid. That is not why you elected me.”