Home Business Nigeria Saves $20 Billion from Subsidy Removal, Naira Float Policies – Edun
Business

Nigeria Saves $20 Billion from Subsidy Removal, Naira Float Policies – Edun

Share
FG Pays $600m Monthly to Import Fuel – Finance Minister, Wale Edun
Share

The Minister of Finance, Wale Edun, revealed that Nigeria has saved a significant $20 billion as a result of the removal of the petrol subsidy and the implementation of market-based foreign exchange policies.

He made this announcement during a recent event marking the first 100 days in office of Esther Walso-Jack, Head of the Civil Service of the Federation, in Abuja on Friday.

According to Edun, these two reforms were costing the country about five percent of its Gross Domestic Product (GDP) when subsidies on petroleum products and foreign exchange were in place.

“If you say GDP was on average, let’s say $400 billion, five percent of that is $20 billion,” Edun stated, noting that this substantial sum could have been channeled into critical sectors like infrastructure, education, health, and social services.

He further emphasized that these savings now flow back into the government’s coffers, allowing for more effective investment in vital areas of development.

READ ALSO: Seyi Edun Opens Up About Recent Health Scare

 

Edun also discussed the broader impact of President Tinubu’s economic reforms, which he said have halted the previous practice of individuals exploiting government policies for personal gain.

“The real change is that the measures taken by Mr. President have put an end to practices where individuals could wake up and access cheap funding or foreign exchange from the central bank, only to flip it for instant wealth without adding any real value to the economy,” Edun explained.

 

Share

Leave a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

Related Articles
CBN Reacts to Naira Devaluation
Business

US Import Tariffs Trigger Global Market Adjustments, Crude Oil Price Decline

The US government’s announcement of new import tariffs has triggered a period...

FG Reacts to Trump's 14% Tariff on Nigerian Exports | Daily Report Nigeria
BusinessNews

FG Reacts to Trump’s 14% Tariff on Nigerian Exports

The Federal Government of Nigeria has acknowledged the recent imposition of a...

World Bank Blacklists 18 Nigerian Firms, Individuals for Corrupt Practices | Daily Report Nigeria
Business

World Bank Clarifies $10.50m Funding to CBN as Grant, Not Loan

The World Bank has clarified that the $10.50 million funding for the...

Nigeria Spends N11.8bn on Apple Imports as Fruit Prices Soar | Daily Report Nigeria
Business

Nigeria Spends N11.8bn on Apple Imports as Fruit Prices Soar

Nigeria imported N11.8 billion worth of apples in the last quarter of...