Over ₦1 trillion saved since removal of fuel subsidy – Tinubu

President Bola Tinubu says over ₦1 trillion have been saved since the removal of fuel subsidy which he announced when he took over.

Mr Tinubu, during his inauguration in May, announced an end to fuel subsidy, even though the payment was scheduled to end the following month.

The announcement hiked up the price of the commodity by over 300 per cent while essential needs followed up.

Speaking to Nigerians in a nationwide broadcast on Monday, the president said the removal of fuel subsidy have saved the country over a trillion naira which will have been “funnelled into the deep pockets and lavish bank accounts of a select group of individuals.”

He explained that his administration, in conjunction with state governments, rolled out a number of policies aimed at ameliorating the sufferings of Nigerians while the subsidy regime which had been beneficial in the past is scrapped.

“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,” Mr Tinubu 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.”