We’ve Saved Over N1trn That Could Have Been Squandered By Fraudsters Through Subsidy – Tinubu

By Halimah Olamide
About One trillion Naira has been saved in the last two months since the removal of the fuel subsidy. This was the disclosure by President Bola Tinubu on Monday during his nationwide address. Calling beneficiaries of fuel subsidy fraudsters and criminals, Tinubu said the proceeds from the removal of the subsidy would go into financing infrastructure, health care and other goods for the people. “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.” he said
He promised 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.” He admitted that Nigeria’s economy is going through a tough patch adding that he knows Nigerians 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.
” What I can offer in the immediate is to reduce the burden our current economic situation has imposed on all of us, most especially on businesses, the working class and the most vulnerable among us.”