Tinubu reveals how N1 trillion fuel subsidy savings will be spent

The federal government has saved over N1 trillion since the removal of subsidy payments on petrol otherwise called Premium Motor Spirit (PMS) two months ago.

Recall that President Bola Tinubu announced the removal of subsidy on petrol on June 12, 2023, set aside to honour the winner of the June 12, 1993, Presidential election, the late Chief Moshood Kashimawo Olawale (MKO) Abiola and other heroes of Nigerian democracy.

President Bola Tinubu who spoke in a nationwide broadcast on Monday (July 31, 2023) evening, said part of the money would be spent on tertiary Education for Nigerian students loan.

The president said, “A little over two months, we have saved a little over N1 trillion, that would have been squandered on your unprofitable fuel subsidy, which only benefitted smugglers.

“Part of that money will now be used for you and your families. For example, we shall fulfill our promise education more affordable to all and provide loans to higher education students who will need them.

“No Nigerian student will have to abandon her education because of lack of money. Our commitment is to promote the greatest good for the greatest number of our people”, he said.

…More to come.

See also  El-Rufai: Mint needs 12 months to print N1 trillion, end Naira crisis

Leave a Reply

Your email address will not be published.