President Bola Tinubu announced on Monday that the Federal Government with the initiative of fuel subsidy removal have saved over one trillion Naira.
He expressed confidence in his plans and urged Nigerians to be patient, assuring them that even if they are not yielding immediate results, there is high optimism that things will fall into place subsequently.
Tinubu’s words: ‘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.’
‘I plead with you to please have faith in our ability to deliver and in our concern for your well-being.’
‘All of our good and helpful plans are in the works. More importantly, I know that they will work.’
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During his nationwide broadcast addressing the country’s current economic challenges, Tinubu asserted that the funds would now be redirected towards intervention programs aimed at supporting families nationwide.
Recognizing the challenges arising from the unavoidable delay in palliative measures over the past 62 days, he encouraged Nigerians to ‘look beyond the present temporary pains and aim at the larger picture.’
In his statements, President Tinubu underscored that the economic distortions he is tackling were skewed in favor of the rich, prompting the discontinuation of fuel subsidy and the enactment of other fiscal policies.
Tinubu continued, ‘I had promised to reform the economy for the long-term good by fighting the major imbalances that had plagued our economy.
‘Ending the subsidy and the preferential exchange rate system were key to this fight. This fight is to define the fate and future of our nation. Much is in the balance.’
‘Thus, the defects in our economy immensely profited a tiny elite, the elite of the elite you might call them.’
‘As we moved to fight the flaws in the economy, the people who grow rich from them, predictably, will fight back through every means necessary.’