The Federal Government of Nigeria has reported savings of N1.45 trillion between June and September following the removal of the petrol subsidy, based on data obtained from the Federation Account Allocation Committee (FAAC) records.
The records indicate that monthly contributions to the Non-Oil Revenue (Savings) account amounted to N696.93 billion in June, N389.7 billion in July, N71 billion in August, and N289 billion in September. Put together totals N1.45 trillion saved in four months from fuel subsidy removal.
However, this figure contradicted the statement of President Tinubu, who had announced that N1 trillion was saved in June and July alone, funds he said will used for intervention programmes benefiting families.
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“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,” he said.
President Bola Tinubu declared the end of the subsidy in May 2023. Prior to this, the Nigerian National Petroleum Company Limited spent N1.828 trillion on subsidies from January to May 2023, 55 percent higher than the same period in 2022.