Nigeria’s Finance Minister, Wale Edun, revealed that the country has saved approximately $20 billion through the removal of fuel subsidies and the adoption of a market-driven foreign exchange policy.
According to Edun, these measures had previously consumed around 5% of the nation’s GDP, estimated at $400 billion, annually. The savings are now being redirected toward infrastructure, health, social services, and education.
The subsidy removal, announced in mid-2023, eliminated inefficiencies and corruption linked to the subsidy system. This reform aims to prevent undue profiteering and improve fiscal responsibility. However, while these savings have freed up funds for developmental purposes, the policy has also led to increased living costs, especially for low-income Nigerians, sparking debates about its long-term benefits.
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