President Bola Tinubu said that by stopping the payment of the gasoline subsidy, the Nigerian government had saved more than N1 trillion.
On Monday, Tinubu declared in a speech that was televised throughout the country that the money saved will be utilized for the benefit of Nigerians.
“In little over two months, we have prevented the wasteful gasoline subsidy, which solely benefited smugglers and fraudsters, from being spent over one trillion naira. You and your family will now benefit more immediately and directly from the usage of that money, Tinubu stated.
Fuel prices have increased from N168 to N580/N600 per liter as a consequence of Tinubu’s decision to end the subsidy on gasoline and fully deregulate Nigeria’s oil industry.
Nigerian labor unions are threatening to go on a statewide strike in protest of the rising cost of transportation and food caused by the increase in gasoline prices.
Despite the difficulties, Tinubu maintained his confidence in the elimination of fuel subsidies and the unification of the currency rate as the best course of action for the nation at this time.
“Dear Nigerians, this time may be difficult for us, and there is no denying that it is difficult for us. But I kindly ask everyone to focus on the bigger picture and look beyond the short-term difficulties right now. We’re working on all of our helpful and positive initiatives. More significantly, I am certain that they will succeed,” stated Tinubu.
“Unfortunately, there was a necessary delay between the elimination of subsidies and the completion of these programs. However, the time difference is being quickly closed. Please, I beg you, put your trust in our capacity to provide and our care for your welfare.
With the steps his administration has taken, Tinubu told Nigerians that they would survive this “turbulence” and that they will be better prepared to benefit from the opportunities that lie ahead of them.