President Bola Tinubu says the federal government has saved
N1 trillion 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.
Tinubu said the federal government spent trillions of naira
annually on payment of petrol subsidy, adding that the fund was being
“funnelled into the deep pockets and lavish bank accounts of a select group of
individuals”.
He said those benefiting from the payment of the petrol
subsidy should not be allowed to dominate the hopes and aspirants of many
Nigerians.
“This group had amassed so much wealth and power that they
became a serious threat to the fairness of our economy and the integrity of our
democratic governance,” the president said.
“To be blunt, Nigeria
could never become the society it was intended to be as long as such small,
powerful yet unelected groups hold enormous influence over our political economy
and the institutions that govern it.
“The whims of the few should never hold dominant sway over
the hopes and aspirations of the many. If we are to be a democracy, the people
and not the power of money must, be sovereign.
“The preceding administration saw this looming danger as
well. Indeed, it made no provision in the 2023 appropriations for subsidy after
June this year. Removal of this once-helpful device that had transformed into a
millstone around the country’s neck had become inevitable.”
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Baba tinubu, no matter how much you spend for the wellbeing of all not few is worth it. Petrol is like blood and air in human body once its not affordable all aspect of human life will be affected. Don't be deceived by the western nations where all other indices are working. In nigeria making fuel affordable is the only way to go. People are dying
ReplyDeleteNice job baba. So can we channel that money to fixing our refineries to begin local production?
ReplyDelete