The Vice President, Prof Yemi Osinbajo, on Thursday in Kano revealed that the Federal Government has saved N1.4 trillion as proceeds on oil subsidy payments.
He spoke a day after the Emir of Kano, Alhaji Muhammad Sanusi II, warned President Muhammadu Buhari to retrace his steps in terms of economic policies his government has put in place.
Emir Sanusi had also cautioned against what he called ‘unlicensed drivers’ of the economy.
However, Osinbajo during his speech claimed that the economy was on good stead.
He noted that, with the deregulation of the downstream petroleum sector, there has been a significant increase in the availability of petrol throughout the country for the savings of N1.4 trillion on subsidy payments alone.