President Bola Tinubu said on Monday the Federal Government saved N1 trillion that would have been used for the payment of fuel subsidies in just two months.
The president, who stated this in his nationwide address, added that the government would invest N100 billion in 300 Compressed Natural Gas (CNG) vehicles between now and March 2024.
He 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.”
President Tinubu had in his inaugural address on May 29 announced the end of the subsidy regime in the country.
The decision was met with rise in price of fuel from N165 to N617 per litre in the last two months.
The Nigeria Labour Congress (NLC) last week gave the federal government a seven-day ultimatum to reverse the decision or face a nationwide strike from Wednesday.
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