Pres. Bola Tinubu
We’ve saved over N1trn in 2 months of subsidy removal-Tinubu
…We’re reviewing workers’ salary
President Bola Ahmed Tinubu said that Nigeria saved N1 trillion in two months in funds that would have been used for the payment of petrol subsidy.
The President who stated this in a national broadcast on Monday also said the Federal Government and the labour unions are working to determine a new minimum wage threshold for Nigerian workers
He said the revenue saved from subsidy will be used for the benefit of Nigerians.
Recall that on May 29, Tinubu had in his inauguration speech, announced the removal of the petrol subsidy, a development that had led to a hike in the price of the product.
“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,” he said.
He also said the Federal Government would make budgetary allocations for the implementation of the new minimum wage as soon as an agreement is reached by the parties involved.
“I wish there were other ways. But there is not. If there were, I would have taken that route as I came here to help not hurt the people and nation that I love,” he said earlier in the speech while acknowledging the spiralling cost of living occasioned by the removal of petrol subsidy.
Tinubu says he understands the economic hardship Nigerians are facing due to his government’s economic policies.
While the move has resulted in a hike in the pump price of the commodity cost of living also high, Tinubu told Nigerians that he understands their plight.
“Our economy is going through a tough patch and you are being hurt by it. The cost of fuel has gone up. Food and other prices have followed it. Households and businesses struggle.
“Things seem anxious and uncertain. I understand the hardship you face. I wish there were other ways. But there is not. If there were, I would have taken that route as I came here to help not hurt the people and nation that I love.
“What I can offer in the immediate is to reduce the burden our current economic situation has imposed on all of us, most especially on businesses, the working class and the most vulnerable among us.
“Already, the Federal Government is working closely with states and local governments to implement interventions that will cushion the pains of our people across socio-economic brackets.”
