President Bola Tinubu, on Monday disclosed that since the removal of the payment of subsidy on Premium Motor Spirit (PMS) popularly called petrol his government has so far saved over N1 trillion after the .
During his auguration on May 29, 3023, the president announced the removal of fuel subsidy which has seen the price of petrol in the country increase.
The development also caused a massive inflation across all sectors of the economy leaving the citizenry lamenting the biting hardship.
The President, in his July 31 nationwide broadcast on the state of the economy, noted that his administration has saved N1 trillion following the decision.
He said, “Our economy is going through a tough patch and you are being hurt by it. The cost of fuel has gone up. Food and other prices have followed it. Households and businesses struggle. Things seem anxious and uncertain. I understand the hardship you face. I wish there were other ways. But there is not. If there were, I would have taken that route as I came here to help not hurt the people and nation that I love.
“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.”