Savings to be channeled into family-centric intervention programs, says President Tinubu in nationwide broadcast on economic challenges
In a nationwide broadcast addressing the current economic challenges facing Nigeria, President Bola Tinubu revealed that the Federal Government has successfully saved a whopping N1tn in just two months since the removal of the petrol subsidy. The funds, previously vulnerable to squandering by “smugglers and fraudsters,” will now be redirected into intervention programs aimed at benefiting families across the nation.
President Tinubu acknowledged the hardships experienced during the initial phase of subsidy removal, stating that unavoidable delays in implementing palliative measures have caused temporary pain. Nevertheless, he urged Nigerians to look beyond these challenges and focus on the bigger picture.
Expressing confidence in his administration’s ability to deliver, President Tinubu assured citizens that comprehensive plans are underway to address their concerns effectively. He stated, “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.”
The savings resulting from the subsidy removal will be allocated more directly and beneficially to the people and their families, according to President Tinubu. He further promised that his administration is committed to steering the nation out of the current economic turbulence through the measures already taken.
The move to eliminate the petrol subsidy has been hailed by the President as a critical step towards financial prudence, with the saved funds set to support essential intervention programs aimed at uplifting families nationwide.