President Bola Tinubu has claimed that his administration has so far saved over N1trillion following the removal of fuel subsidy.
He revealed this during his nationwide broadcast on the state of the economy.
“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, last month, said he will not be part of the economic destruction of the country by not removing the petrol subsidy.
He stated this at a reception in his honour by the Lagos state government.
Tinubu said the bleeding of the country’s finances through the petrol subsidy should never be allowed to continue under any guise.
“We will be needing the necessary resources to achieve the promise we made to Nigerians during our campaign,” he said.
“We need to stop the bleeding of our finances through fuel subsidy and the arbitrary exchange regime. We have no choice.
“We have to re-engineer the effectiveness of control and management of our resources in order to meet the obligations owed to Nigerians.
“I could have said yes I want a share of my benefit and participate in the arbitrage. But no, God forbid. That’s not why you elected me.”