President Bola Tinubu on Monday said the Federal Government of Nigeria has saved N1tn in the two months since the removal of the petrol subsidy.
Tinubu gave this revelation while speaking in a national broadcast he delivered on Monday.
Tinubu 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,” Tinubu said in his nationwide broadcast on current economic challenges in the country.
While acknowledging the hardship occasioned 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.”
President Bola Tinubu assured Nigerians that the country will get out of the turbulence occasioned by the removal of the fuel subsidy.
“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.”
He said, “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.
“For example, we shall fulfill our promise to make education more affordable to all and provide loans to higher education students who may need them. No Nigerian student will have to abandon his or her education because of lack of money.
“Our commitment is to promote the greatest good for the greatest number of our people. On this principle, we shall never falter.
“We are also monitoring the effects of the exchange rate and inflation on gasoline prices. If and when necessary, we will intervene.
“I assure you my fellow country men and women that we are exiting the darkness to enter a new and glorious dawn.
“Now, I must get back to work in order to make this vision come true. Thank you all for listening and may God bless the Federal Republic of Nigeria,” he said.
President Tinubu also promised to get the nation out of this economic turbulence through the measures his administration has taken so far.
The President described fuel subsidy as a “scam” and disincentive to growth, saying it rewarded smugglers and reduced the burden of the “real cost” of the commodity for some countries.
He explained that he felt it was expedient to stop the subsidy on the first day.
The President promised to reposition the education and health sectors, adding that ongoing reforms on the economy would be sustained and expanded, with a view to relieving families struggling with the burden of poverty and insecurity.
The remarks came 11 days after the President signed the Students Loan Bill into law. OYO NEWS