A detailed analysis of these documents reveals that substantial sums were transferred monthly to the Non-Oil Revenue (Savings) account of the government. In June, N696.93bn was remitted, followed by N389.7bn in July, N71bn in August, and N289bn in September.
President Bola Tinubu, in his inaugural address on May 29, 2023, had made the announcement of the subsidy removal, unequivocally stating, "Subsidy is gone."
Before the subsidy removal, the Nigerian National Petroleum Company Limited had disbursed N1.828tn for subsidy payments from January 2023 to May 2023. This marked a 55% increase compared to the corresponding period in 2022.
Notably, the breakdown of the figures for the first four months of 2023 indicated that N274.769bn was spent in January, N477.742bn in February, N415.381bn in March, and N353.130bn in April.
In a nationwide broadcast on August 1, 2023, President Bola Tinubu shared that the Federal Government of Nigeria had saved N1tn in the two months following the subsidy removal (June and July). He highlighted that these funds, which would have been susceptible to misuse by "smugglers and fraudsters," are now slated for nationwide intervention programs, targeting families in need.
He stated, “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.”
Trade Union Congress president, Festus Osifo, expressed concerns about the claimed savings by the government. Osifo questioned the whereabouts of the funds, following the removal of subsidies.
In an interview with AriseTV, Osifo stated, "The president and commander-in-chief announced that the country has saved N1 trillion. The federal government publicized substantial savings with the removal of subsidies. We should not witness more borrowing; they promised savings. So, where are these saved funds, and how have they been utilized?"