President Bola Ahmad Tinubu said the Federal Government of Nigeria has saved over N1tn since the removal of fuel subsidy in the country.
The President disclosed this on Monday when he addressed Nigerians on the nationwide broadcast program regarding the economic challenges and conditions in the country.
He said the monies that would have been used otherwise and squandered by those he labels “smugglers and fraudsters” will now be used wisely in intervention programmes for the citizens.
“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.
While acknowledging the current difficulty, the President further pleaded with Nigerians to “look beyond the present temporary pains and aim at the larger picture.”
“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 said.
The President also assured that the funds saved so far from the subsidy will not be squandered and “will now be used more directly and more beneficially to you and your family.”