On Monday night, President Bola Tinubu claimed that Nigeria had saved over N1 trillion in just two months, money that would have gone toward fuel subsidies that mainly benefited fraudsters and smugglers.

In a speech to the nation, Tinubu made this statement when discussing the economy and the effects 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 a palliative measure, president 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.”