The federal government can build critical infrastructure from the N400 billion it has so far saved in one month following the removal of fuel subsidy, findings by Daily Trust on Sunday have shown.
President Bola Ahmed Tinubu had, during his inaugural speech on May 29, announced the removal of fuel subsidy, which means that market forces would determine the prices of petroleum products in the country.
The removal immediately increased the price of petrol from N195 to N540 per litre. Proponents of subsidy removal said the action would free funds for other critical interventions in education, health, agriculture, roads and transport, among others.
Before the subsidy removal, Daily Trust on Sunday recalled that the Group Chief Executive Officer of the Nigerian National Petroleum Company Limited (NNPCL), Mele Kyari, had on February 17, 2023, announced that Nigeria was spending over N400billion monthly on petroleum subsidies.
The report shows that the N400billion saved in one month from fuel subsidy removal can construct 400,000 boreholes, buy 20,000 Coaster buses or build 13,000 primary health care centres.
Read the complete story on https://dailytrust.com/how-n400bn-one-month-subsidy-saving-can-build-400000-boreholes-13000-health-centres/