By Adedapo Adesanya
President Bola Tinubu has claimed that his administration has saved N1 trillion after the removal of fuel subsidies, reiterating plans to use the saved money in education, healthcare, and the economy.
Giving a national broadcast on Monday night, Mr Tinubu pleaded with Nigerians facing the heat brought about by the regime that had gulped more than N10 trillion in cost, which he said had only benefitted smugglers and fraudsters.
He noted that his administration would also funnel some of the saved cost into providing student loans for vulnerable students in tertiary institutions across the country.
In his words, “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.”
He said that the money “will now be used more directly and more beneficially for you and your families. For example, we shall fulfil our promise to make education more affordable to all and loans to students who may need them. No Nigerian student will have to abandon higher 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.”
President Tinubu said that the previous administration of President Muhammadu Buhari had made no provision for the subsidy beyond June 2023 in the national budget and that this has necessitated his administration to step in, adding that he was ready to tackle the problems head-on.
“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.”
