TUC demands Nigerian govt reveal how it spent N1trn saved from fuel subsidy removal

The president of the Trade Union Congress (TUC), Festus Osifo, said the Federal Government should reveal how it expended the N1 trillion saved after ending subsidy on Premium Motor Spirit (PMS), also known as petrol, in May.

Osifo, on Wednesday, during an interview with Arise News, said the government promised it was going to save substantial money from removing subsidy on petrol.

In July, President Bola Tinubu disclosed that more than N1 trillion that would have been expended on petrol subsidy, has been saved, stating that the funds will be disbursed for the benefit of Nigerians.

The TUC boss said FG should provide details on how the money had been spent, as the government shouldn’t be seeking loan after saving such a substantial amount.

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“The President and commander in chief on his own came and said the country has saved N1 trillion. The Federal government went everywhere to announce that if subsidy is removed, it’s going to save substantial money.

“The question we have asked is that where are the money that you have saved from this subsidy. Part of this money that you must have saved, you deploy it on your citizen. That is what we have asked, is that too much to ask?

“And so, we don’t expect them to go everywhere and start borrowing money. They told us they are going to save money. So where is the money that you have saved and how have they deployed this money,” Osifo asked.

He also reiterated the call for reduction in the cost of governance, saying that suggestions have been made to the government on what is needed to be done.

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