President Bola Tinubu, in a national broadcast, revealed that since the removal of petrol subsidy on May 29, the Federal Government has saved over N1 trillion. He emphasized that this substantial sum, which would have been wasted on unproductive fuel subsidies benefiting smugglers and fraudsters, will now be utilized more efficiently for the benefit of the Nigerian people.
Tinubu assured the public that his administration is committed to easing the pain caused by the subsidy removal through palliatives that are currently being devised. One of the key focuses of these measures is to make education more affordable for all citizens. He pledged to provide loans to higher education students in need, ensuring that no Nigerian student has to abandon their studies due to financial constraints.
The President reiterated his commitment to promoting the greatest good for the greatest number of people, assuring that this principle would remain unwavering. He reminded the nation of his administration’s decision to no longer pay subsidy on Premium Motor Spirit during his inauguration on May 29.
Following this decision, the NNPC Ltd adjusted the fuel prices upward to N537 per litre and later to N617 per litre in Abuja and other North-Central states such as Nasarawa, Plateau, Kwara, Kogi, Benue, and Niger.
For several years, I have consistently maintained the position that the fuel subsidy had to go. This once beneficial measure had outlived its usefulness. The subsidy cost us trillions of Naira yearly. Such a vast sum of money would have been better spent on public transportation, healthcare, schools, housing and even national security. Instead, it was being funneled into the deep pockets and lavish bank accounts of a select group of individuals.
