Nigeria has saved $20 billion following the removal of petrol subsidies and the adoption of a market-based foreign exchange policy. This revelation was made by Wale Edun, the Minister of Finance and Coordinating Minister of the Economy, during a ceremony in Abuja to mark the first 100 days in office of Esther Walso-Jack, Head of the Civil Service of the Federation.
Mr. Edun highlighted the staggering cost of subsidies, which previously drained five percent of the country’s GDP annually. With Nigeria’s GDP averaging $400 billion, this amounted to $20 billion – funds that could now be redirected into critical sectors like infrastructure, health, education, and social services.
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The finance minister emphasised that President Tinubu’s reforms have put an end to a system that allowed individuals to profit unfairly from government subsidies.
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