“We’ve Saved Over N1 Trillion From Petrol Subsidy Removal In 2 Months” — President Tinubu

“We’ve saved over N1 trillion from petrol subsidy removal in 2 Months” — President Bola Tinubu. 

Said the money would have been squandered on fuel subsidy which only benefitted smugglers and fraudsters.

Announces plans to invest N100 billion between now and March 2024 to acquire 3000 units of 20-seater CNG-fuelled buses.

President Bola Tinubu on Monday evening said Nigeria has saved over N1 trillion Naira in two months, an amount that he said would have been spent on fuel subsidy that only benefitted smugglers and fraudsters.

Tinubu said this during a nationwide address where he spoke about the economy and the impact of subsidy removal.

“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.”

As part of some palliatives, Tinubu said his government will purchase 3,000 units of 20-seater buses running on Compressed Natural Gas (CNG).

“Part of our programme is to roll out buses across the states and local governments for mass transit at a much more affordable rate. We have made provision to invest N100 billion between now and March 2024 to acquire 3000 units of 20-seater CNG-fuelled buses.

“These buses will be shared to major transportation companies in the states, using the intensity of travel per capital. Participating transport companies will be able to access credit under this facility at 9% per annum with 60 months repayment period.”

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