By Tiamiyu Wasiu Adegoke (Siwes Student)
Abraham Adesanya Polytechnic
Documents from the Nigeria Governors Forum and National Bureau of Statistics reveal that the federal government has successfully saved N1.45tn from the removal of subsidy on Premium Motor Spirit (petrol) between June and September.
The funds, directed to the Non-Oil Revenue (Savings) account, totaled N696.93bn in June, N389.7bn in July, N71bn in August, and N289bn in September.
President Bola Tinubu, in his inaugural address on May 29, 2023, officially announced the removal of petrol subsidy, emphasizing its positive impact on the nation’s finances.
Prior to this decision, the Nigerian National Petroleum Company Limited disclosed a subsidy expenditure of N1.828tn from January to May 2023, a 55% increase compared to the same period in 2022.
In a nationwide broadcast on August 1, 2023, President Tinubu highlighted that the government had saved N1tn within two months (June and July) since the subsidy removal.
He emphasized redirecting these funds towards impactful intervention programs benefiting families nationwide, previously hindered by what he referred to as smugglers and fraudsters taking advantage of the subsidy system.
