Nigeria’s Minister of Finance and Coordinating Minister of the Economy, Wale Edun has revealed that fuel subsidy was costing the federal government ₦400 billion monthly prior of its decision to do away with the scheme.
Africa Today News, New York recalls that in his inauguration speech, President Bola Tinubu had shocked many he declared the end of the fuel subsidy era to redirect funds towards developmental initiatives.
Months after the announcement, Edun has now disclosed in an interview that the subsidy was draining N400 billion from the government’s finances monthly.
He said: “In terms of the government’s finances, they have been revamped and repaired.
“And it is not just the fact that there has been the removal of the petroleum subsidy which was costing N400 billion every month to the government at its height.”
Meanwhile, the Emir of Lafia, Justice Sidi Bage (rtd) has explained that making a U-turn on the fuel subsidy removal policy of the President Bola Tinubu-led administration is not an effective solution, rather he suggested good economic policy that will halt the current crisis.
The Emir stated this when he hosted the leadership of the Nasarawa State Traders and Marketers Association at his palace in Lafia.
He noted that effective solution to the crisis is sincere economic policy that brings a total halt to food prices.
He urged the traders in the country to help the government’s plan to curtail the challenges of the present time.
The traditional ruler called for a speedy end to the rising cost of food items among other economic challenges the nation is battling with.