President Tinubu Reveals How Much Has Been Saved From Subsidy Removal

President Bola Tinubu-led government on Monday disclosed that it has so far saved over N1 trillion after the removal of payment of subsidy on Premium Motor Spirit (PMS) popularly called petrol.

Recall that the President on the 29th of May, 2023 during his inauguration, announced the removal of fuel subsidy which has seen the price of petrol in the country increased

The President, in his nationwide broadcast on the state of the economy, noted that his administration has saved N1 trillion following the decision.

He said, “Our economy is going through a tough patch and you are being hurt by it. The cost of fuel has gone up. Food and other prices have followed it. Households and businesses struggle. Things seem anxious and uncertain. I understand the hardship you face. I wish there were other ways. But there is not. If there were, I would have taken that route as I came here to help not hurt the people and nation that I love.

“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.”