How Nigeria Saved N1tn in Two Months by Ending Fuel Subsidy, Says President Tinubu

Ilesanmi AdekanbiJuly 31, 2023

2 minutes read

President Bola Tinubu has revealed that Nigeria has saved over N1tn in the past two months by removing the fuel subsidy that was costing the nation trillions of naira every year.

He said that the subsidy was a wasteful and unproductive policy that only enriched a few smugglers and fraudsters, while depriving the majority of Nigerians of the benefits of their oil wealth.

In his nationwide address on the current economic challenges facing the country, President Tinubu said that the money saved from the subsidy removal will now be used for more meaningful and impactful programmes that will target millions of families across the nation.

He said that these programmes will include infrastructure development, health care improvement, education enhancement, and security reinforcement.

He admitted that the removal of the subsidy had caused some hardship and inconvenience for many Nigerians, especially in terms of the increase in fuel prices and its ripple effects on other sectors of the economy.

However, he urged Nigerians to look beyond the present temporary pains and focus on the larger picture of a more resilient, diversified, and inclusive economy that will serve them well in the future.

He assured Nigerians that his administration has taken several measures to cushion the impact of the subsidy removal and to address the other economic challenges posed by the global pandemic, the fall in oil prices, and the exchange rate volatility.

Oyebanji Unveils 21 New Commissioners, 14 Special Advisers

He said that his administration is working closely with various stakeholders, such as state and local governments, labour unions, civil society groups, religious leaders, traditional rulers, and others, to ensure that these measures are implemented in a fair and humane manner.

He also appealed to Nigerians to have faith in his ability to deliver on his promises and in his concern for their well-being. He said that he is committed to building a new Nigeria that is united, prosperous, respected, and admired by the world.

He said: “I came here to help not hurt the people and nation that I love. 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.”