President Bola Tinubu says the Federal Government has saved N1trillion in two months in funds that would have been used for the payment of petrol subsidy.
Speaking in a nationwide broadcast on Monday, Tinubu said the revenue saved will be used for the benefit of Nigerians.
On May 29, Tinubu, in his inauguration speech, announced the removal of the petrol subsidy — a development that had led to a hike in the price of the product.
“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,” he said.