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We’ve Saved N1tr Since Removal Of Petrol Subsidy, Says Tinubu 

President Bola Ahmed Tinubu on Monday in a live broadcast to Nigerians said that the Federal Government has saved over N1 trillion since the removal of petrol subsidy by his government.

The President said the savings would have been lost to the pocket of a few who have been benefitting from the subsidy.

Tinubu, who spoke in an address to Nigerians on Monday evening, said: “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.”

The President appealed to Nigerians to consider the long term benefits of some of the policies of his government, adding that the temporary pains should not overshadow the ultimate gains.

He said: “Fellow Nigerians, this period may be hard on us and there is no doubt about it that it is tough on us.

“But I urge you all to look beyond the present temporary pains and aim at the larger picture.

“All of our good and helpful plans are in the works.

“More importantly, I know that they will work.

“Sadly, there was an unavoidable lag between subsidy removal and these plans coming fully on line.

“However, we are swiftly closing the time gap.

“I plead with you to please have faith in our ability to deliver and in our concern for your well-being.

“We will get out of this turbulence.

“And, due to the measures we have taken, Nigeria will be better equipped and able to take advantage of the future that awaits her.”

President Tinubu also went on to list some of the issues that the savings on the subsidy would be channeled into.

He said: “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.”


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