[dropcap]P[/dropcap]resident Bola Ahmed Tinubu has opened up on the vast amount of money that have been siphoned by a selected but unelected group of Nigerians going home with fat pockets and bank accounts.
The president made the shocking revelation on Monday July 2023, while addressing Nigerians during a nationwide broadcast.
He insisted that the money lost to fuel subsidy theft would have improved the living standard of all Nigerians if channeled into various sectors of the economy.
“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.
“To be blunt, Nigeria could never become the society it was intended to be as long as such small, powerful yet unelected groups hold enormous influence over our political economy and the institutions that govern it.
“The preceding administration saw this looming danger as well. Indeed, it made no provision in the 2023 Appropriations for subsidy after June this year.
I want to talk to you about our economy.
“It is important that you understand the reasons for the policy measures I have taken to combat the serious economic challenges this nation has long faced”.
“More importantly, so that you see and hopefully will share my vision regarding the journey to a better, more productive economy for our beloved country”, he said.
