Economy: How Nigeria uses fund saved from petrol subsidy removal —Minister

*Mohammed Idris Malagi, Minister for Information and National Orientation, explains the Federal Government has distributed proceeds saved from petrol subsidy removal to the states to cushion the economic impact of subsidy removal on millons of vulnerable Nigerian consumers

Isola Moses | ConsumerConnect

The Federal Government has said the removal of fuel subsidy is for the good of Nigerians.

ConsumerConnect reports

Mohammed Idris Malagi, Honourable Minister for Information and National Orientation, stated this Tuesday, August 29, 2023, when he received Governor Umar Bago of Niger State in his office, in Abuja, FCT.

Malagi assured that Nigerian consumers would soon experience the positive effects of petrol subsidy removal in the country’s economy.

The Minister also noted President Bola Ahmed Tinubu’s crucial decision to announce removal of subsidy on petrol at his inauguration May 29, in Abuja, is for the good of the West African country.

He disclosed the Federal Government had since saved money from the subsidy removal.

According to him, the save fund has been distributed to the states to cushion the economic impact of petrol subsidy removal on vulnerable Nigerians.

“You will agree with me that the fuel subsidy that was removed was actually in the best interest of Nigerians.

“We have said repeatedly that the pain of that removal will be felt temporarily before the smile, the positive of it will be seen,” Malagi said.

The Minister further explained: “Within a short time, so much money has been saved and part of that money is already being sent to states so that the difficulty occasioned by the removal of the fuel subsidy is already being subsidised so to say.”

He, therefore, expressed confidence in the Tinubu administration to actualise his 8-priority agenda for the benefit of the people.