Finance Minister and Coordinating Minister of the Economy, Wale Edun, says state revenues have doubled since the removal of petrol subsidy. He spoke at the National Health Financing Dialogue in Abuja on Thursday.
Mr Edun said subsidy removal was a tough but necessary decision that restored fiscal balance at both federal and state levels. He added that the extra funds now enable states to contribute more to critical sectors such as healthcare.
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The minister described subsidy as a distortion that mainly benefited a few, including foreigners, while costing Nigeria about 2.5 percent of GDP. He explained that its removal created fiscal space for investment in health, education and infrastructure.
Nigeria fully exited subsidy payments in October 2024 after deregulating the downstream sector, with petrol pump prices crossing ₦1,000 at NNPC outlets. President Bola Tinubu had first announced the end of subsidy in May 2023.
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