President Bola Ahmed Tinubu has said that his administration, in the last two months, has saved over N1 trillion that would have been used for the payment of subsidy on Premium Motor Spirit (PMS), otherwise known as petrol.
Tinubu made the disclosure in his national broadcast on Monday, July 31, 2023.
The president further vowed to make education more affordable to Nigerians and provide loans to all students in tertiary institutions who may need them, adding that no Nigerian student will have to abandon his or her education because of lack of money.
He stressed that the removal of fuel subsidy is for the development of the country.
Tinubu said: “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.
“For example, we shall fulfill our promise to make education more affordable to all and provide loans to higher education students who may need them. No Nigerian student will have to abandon his or her education because of lack of money.
“Our commitment is to promote the greatest good for the greatest number of our people. On this principle, we shall never falter.
“We are also monitoring the effects of the exchange rate and inflation on gasoline prices. If and when necessary, we will intervene.
“I assure you my fellow country men and women that we are exiting the darkness to enter a new and glorious dawn.”
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