Over N1trn Saved Since Subsidy Elimination, Says Tinubu

President Bola Tinubu on Monday, said that his administration has saved more than one trillion Naira as a result of the elimination of fuel subsidies.

This was said by Tinubu in his countrywide address on the nation’s present economic difficulties, and he added that the funds would now be used for intervention activities aimed at families across the country.

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He said, “We have saved over a trillion Naira in a little over two months that would have been wasted on the ineffective fuel subsidy, which primarily benefited smugglers and fraudsters.

“I humbly beg you to rely on our capacity to complete the task at hand and on our concern for your welfare.

“We’re working on all of our helpful and positive plans. In addition, I am confident that they will succeed.

He acknowledged the difficulty brought on by the 62-day delay in palliative measures, but he asked Nigerians to “look beyond the present temporary pains and aim at the larger picture.”

President Tinubu added that the removal of gasoline subsidies and the implementation of other budgetary policies were necessary since the economic flaws he is working to rectify only favour the wealthy.

According to Tinubu, “I had pledged to battle the significant imbalances that had harmed our economy in order to transform the economy for the long-term benefit.

“The key to winning this battle was abolishing the subsidy and preferential exchange rate systems. This conflict will determine the course and future of our country. There is a lot at stake.

“Therefore, a small elite, or the elite of the elite as you can call them, greatly benefited from the flaws in our economy.

“The individuals who profit from the economy’s defects will, unavoidably, fight back by all means necessary as we work to combat them.”