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HomeTop NewsN1 trl savings from fuel subsidy to benefit Nigerian citizens, says Tinubu

N1 trl savings from fuel subsidy to benefit Nigerian citizens, says Tinubu

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By Samuel Bankole

In his first nationwide broadcast after his inauguration on May 29, 2023, President Bola Tinubu revealed that Nigeria has successfully saved over N1 trillion in the past two months following the removal of fuel subsidies.

The President emphasized that the savings were previously being wasted on “unproductive fuel subsidy, benefiting only smugglers and fraudsters.”

President Tinubu stated that these significant savings would now be channeled more directly and beneficially towards the welfare of the Nigerian people and their families.

READ ALSO: Sanwo-Olu announces 50% fare reduction on Lagos buses to ease commuter burden

One of the key areas where the saved funds will be allocated is in the education sector. Tinubu pledged that his government would fulfill its promise to make education more affordable for all, and ensure that higher education students who require financial assistance would be provided with loans.

The President reassured the nation that no Nigerian student would have to abandon their education due to financial constraints, as the government is committed to promoting the greatest good for the greatest number of people. He affirmed that this guiding principle would remain unwavering throughout his administration.

President Tinubu’s broadcast marked the beginning of his tenure, and the government’s focus on utilizing the fuel subsidy removal savings for the betterment of Nigerian citizens and their future prospects, particularly in the realm of education.

(omayowa@globalfinancialdigest.com; Newsroom: +234 8033 964 138)

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