Fuel subsidy removal: We’ve saved over a trillion naira in two months – Tinubu

By Kazeem Ugbodaga

President Bola Tinubu on Monday said his administration has saved over one trillion naira in two months from the removal of fuel subsidy.

The president, in a nationwide broadcast on Monday evening said the money saved would have been squandered on the unproductive fuel subsidy which only benefitted smugglers and fraudsters.

“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,” he stated.

Tinubu also said part of his government’s programme was to roll out buses across the states and local governments for mass transit at a much more affordable rate.

“We have made provision to invest N100 billion between now and March 2024 to acquire 3000 units of 20-seater CNG-fuelled buses.

“These buses will be shared to major transportation companies in the states, using the intensity of travel per capital. Participating transport companies will be able to access credit under this facility at 9% per annum with 60 months repayment period,” he stated.