President Bola Tinubu says Federal Government has saved N1trillion in two months from funds that would have been used to pay for petrol subsidy.
Tinubu, who disclosed this in a nationwide broadcast on Monday, said the revenue saved will be used for the benefit of all Nigerians.
Tinubu had in his inauguration speech on May 29 announced the removal of petrol subsidy — a development that has resulted in a hike in the price of the product.
“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 said.
Details later…