President Bola Tinubu said the Nigerian government has saved more than N1 trillion after his decision to halt payment of petrol subsidy.
Tinubu while speaking in a nationwide broadcast on Monday said the revenue saved will be used for the benefit of Nigerians.
“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,” Tinubu said.
Tinubu’s decision to remove subsidy on petrol, leading to the full deregulation of Nigeria’s oil sector has resulted in a spike in fuel price from 168 to N580/N600 per litre.
Nigerian labour unions are threatening to begin a nationwide strike over the hike in fuel prices that have impacted food and transportation costs.
Amid the hardship, Tinubu said he is confident that the fuel subsidy removal and the unification of the exchange rate are the right decisions for the country at the moment.
“Fellow Nigerians, this period may be hard on us and there is no doubt about it that it is tough on us. But I urge you all to look beyond the present temporary pains and aim at the larger picture. All of our good and helpful plans are in the works. More importantly, I know that they will work,” Tinubu said.
“Sadly, there was an unavoidable lag between subsidy removal and these plans coming fully on line. However, we are swiftly closing the time gap. I plead with you to please have faith in our ability to deliver and in our concern for your well-being.”
Tinubu assured Nigerians that they will get out of this “turbulence” with the measures his government has taken, “Nigeria will be better equipped and able to take advantage of the future that awaits her.”