President Bola Tinubu has said subsidy monies are being funnelled into the deep pockets and lavish bank accounts of a select group of individuals over the years.
He said this during a nationwide address on Monday evening where he spoke about the economy and the impact of subsidy removal.
“For several years, I have consistently maintained the position that the fuel subsidy had to go. This once beneficial measure had outlived its usefulness.
“The subsidy cost us trillions of Naira yearly. Such a vast sum of money would have been better spent on public transportation, healthcare, schools, housing and even national security.
“Instead, it was being funnelled into the deep pockets and lavish bank accounts of a select group of individuals,” he said.
His administration, according to him, in a little over two months, “have saved over a trillion Naira that would have been squandered on the unproductive fuel subsidy which only benefitted smugglers and fraudsters”.
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