By Felix Onuah
ABUJA (Reuters) – Nigeria has saved over 1 trillion naira ($1.32 billion) in just over two months after it scrapped a popular but costly subsidy on petrol and moved to unify its multiple exchange rates, President Bola Tinubu said in a speech on Monday.
Facing growing anger over soaring prices, Tinubu has announced measures to boost the economy and ease inflation from his decision to scrap at the end of May a petrol subsidy, which cost the government $10 billion in 2022.
The reforms, the country’s boldest in decades, also include lifting curbs on foreign exchange trading, a gamble which Tinubu hopes will boost growth.
“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,” Tinubu said in a live broadcast.
(Reporting by Felix Onuah; Writing by Chijioke Ohuocha, Editing by MacDonald Dzirutwe)
