President Bola Tinubu on Monday said that since the removal of petrol subsidy on May 29 this year, over N1trn has been saved by the Federal Government.
Tinubu said this in a national broadcast monitored by report.
He said his administration would do all it can to ensure that the pain of the removal of subsidy ameliorated through palliatives that are being worked on.
He 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.
” 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 falters. “
Tinubu during his inauguration on May 29 had announced that the Federal Government will no longer pay subsidy on Premium Motor Spirit.
Consequently, the NNPC Ltd adjusted the prices upward from between N189 to N194 to N537 per litre and then N617 in Abuja and other North-Central States such as Nasarawa, Plateau, Kwara, Kogi, Benue and Niger.
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Source: http://thewhitsler.ng
